A Medical Device Daily

Financially beleagueredFischer Imaging (Denver) reported that it has signed a definitive agreement to sell its RE&S business, which includes EP/SPX , VersaRad and Bloom , to Byers Peak (Wheat Ridge, Colorado), a contract manufacturing expert with respect to electro-mechanical devices and sub-systems for the medical and technology marketplace.

Fischer signed an asset purchase agreement with Byers Peak on Aug. 21. The assets to be sold are all of Fischer's right, title and interest in and to the VersaRad line, the EPX/SPX line and the Bloom line, including some related equipment, inventory (excluding Bloom finished goods inventory), general intangibles and intellectual property necessary to design, manufacture, market, sell, distribute, support and repair the product lines.

Byers agreed to purchase the RE&S assets and assume service contract and warranty repair obligations for a minimum purchase price of $260,000, to be paid over a period ending no later than one year from the date of closing of the transaction. In addition, Byers agreed to pay Fischer up to another $80,000, depending on the number of Bloom units sold by Byers during the year after the closing.

Fischer's board has determined that the sale of the assets related to the RE&S agreement is considered a sale of all or substantially all of Fischer's remaining assets. In order to avoid the expense and time delay involved in securing stockholder approval and in light of Fischer's deteriorating financial position, the company's board elected to file a petition for Chapter 11 bankruptcy on Tuesday.

“We plan to provide the latest imaging upgrades for all existing ISS, SPX and EPX systems, and offer complete ISS systems, including the carbon-fiber surgical imaging table along with an EP imaging system and Bloom stimulator,” said Doug Pruett, vice president of Byers Peak. “Based on our core competencies, we see this opportunity as a logical progression for Byers Peak's long-range business strategy and believe we are capable of rejuvenating these products successfully.”

Fischer Imaging services and manufactures medical imaging systems.

HealthpointCapital (New York) reported the purchase of BioHorizons Implant Systems (Birmingham, Alabama), which makes oral reconstructive devices including dental implants and tissue regeneration products. Terms of the transaction were not disclosed.

“The dental implant market represents one of the fastest-growing sectors in the medical technology industry,” said Mortimer Berkowitz III, president and managing director of HealthpointCapital. “Dental implants offer patients superior clinical outcomes and improved esthetics compared to traditional treatments such as bridges and dentures. BioHorizons has a legacy of providing superior product quality and unmatched clinical service.”

Steve Boggan, president and CEO of BioHorizons, said, “We are extremely pleased with the outcome for our shareholders, employees and customers. Our management team is excited about the opportunity to partner with Health-pointCapital and expand our growth prospects in this attractive market.”

Berkowitz becomes chairman of the board and Steve Boggan will continue as president, CEO and director of BioHorizons.

First Albany Capital acted as exclusive financial advisor to BioHorizons in this transaction.

LDR has combined two separate organizations, LDR Medical (Troyes, France) and LDR Spine (Austin, Texas), to create LDR Holding Corp.

Privately held LDR develops both non-fusion and fusion spinal implants. The new entity will be headquartered in Austin and led by Christophe Lavigne, who is an original founder of LDR Medical and has relocated to Austin to lead the newly merged organization.

The new structure was created to better align company strategies and to heighten LDR's visibility as a global, integrated company within the spine industry. LDR was founded in 2000 by spine executives based in Troyes, France, and now has sales in more than 26 countries worldwide.

The two companies first merged in the latter part of 2004 (Medical Device Daily, Dec. 14, 2004).

Recently, the company has focused efforts in the U.S. market by launching an investigational device exemption study for its second-generation Mobi-C cervical artificial disc. It also is creating a sales force to introduce its innovative line of spinal fusion products into the U.S. market.