A Medical Device Daily

Hanger Orthopedic Group (Bethesda, Maryland) reported that it has acquired Temple Medical (Meridian, Mississippi). Financial terms of the deal were not disclosed.

Ivan Sabel, Hanger CEO and chairman, said that the acquisition is part of the company's plan to grow “opportunistically – given the enhanced stability and flexibility in our capital structure from the recent global refinancing. We plan to continue to acquire additional practices that further support our market-based strategies and are accretive to earnings.”

Hanger is a provider of orthotic and prosthetic patient care services, billing itself as the market leader in the U.S. It owns and operates 621 patient care centers in 46 states including the District of Columbia. Hanger is organized into four units. Its key operating units are patient care, which consists of nationwide orthotic and prosthetic practice centers and distribution which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and third party patient care centers.

Implant Sciences (Wakefield, Massachusetts), a developer of products for medicine, national security and industry, reported that it has hired Legend Merchant Group to assist the company in evaluating strategic alternatives, including the possible spin-off, it said, “of certain business activities” that could increase shareholder value.

It said that its intent is to expand the resources available to it for improving its explosives detection business.

Dr. Anthony Armini, president/CEO of Implant, said, “We have always understood that the 'Street' does have difficulty in analyzing companies with several disparate business segments. We also believe that . . . our focus must be on the security markets led by our innovative explosives detection technology and products.”

Scott Greiper, head of Legend Merchant's Convergent Security Group, said that Implant “has developed explosives detection technology and products that could position the company to be a leader in the homeland defense and security industry.”

Implant has developed portable and bench-top detection devices to identify explosives; they are distributed under the Quantum Sniffer brand name. The company also provides ion implantation and wafer analytical services for the semiconductor industry, and it manufactures radioactive products for the treatment of cancer.

In other dealmaking activity:

• The Sagemark Companies (New York), owner/operator of positron emission tomography (PET) medical diagnostic imaging centers, reported completing the sale to Trident Advisors of its 24.1% limited partnership interest in Trident Growth Fund for $2.57 million, $625,000 paid in cash at the closing of the transaction and the balance paid by Trident Advisors' four-year secured promissory note of $1,945,000.

“We believe that this transaction enhances shareholder value, providing capital to develop additional PET imaging centers to grow our medical imaging portfolio and strengthen our position in the medical diagnostic imaging industry,” said Ted Shapiro, Sagemark's president/CEO.

Sagemark owns, operates and administers out-patient medical diagnostic imaging centers that utilize PET, and PET and computed tomography (PET/CT) imaging systems.

• LumaSense Technologies (Santa Clara, California), a global instrumentation company, reported closing the acquisition of Innova AirTech Systems (Ballerup, Denmark), a developer of instruments for sensing and measuring trace gases. Terms of the acquisition were not disclosed.

Innova manufactures systems for the detection, monitoring and analysis of gases for medical, environmental and industrial applications. Innova's technology, based on infrared photoacoustic and magneto-acoustic spectroscopy methods, operates in a variety of environments to measure gases in trace amounts with a very low detection limit, LumaSense said.

Vivek Joshi, CEO of LumaSense, said, “With this acquisition, we are positioned to penetrate the very attractive gas-measurement market. Innova brings unique technological capabilities and products that are well suited to address specific opportunities in electrical transmission and distribution, medical breath analysis and anesthesia monitoring, security and environmental monitoring. This new product line is complementary to our optical temperature sensing products from our earlier acquisition of Luxtron [Santa Clara, California] and further expands our portfolio . . . Additionally; it expands our European presence and enhances our ability to serve our customers globally.”

Dr. David Walrod, general partner at Oak Investment Partners, said, “This acquisition brings several such opportunities and synergies, and is a prototype of the acquisitions we make to build a global sensing business.”

LumaSense said it is acquiring companies with superior sensing products. The company's first acquisition was Luxtron, a developer of fiber-optic temperature measurement solutions. LumaSense has sales and design offices in the UK, Denmark and India.