Clearant (Los Angeles), a developer of a path-ogen inactivation technology, reported completing its reverse merger with Bliss Essentials (Burnaby, British Columbia), a company previously traded under the symbol BLSE. As part of the transaction, Clearant raised gross proceeds of about $11 million through the sale of its common stock, of which roughly 2.8 million will be used to repay debt and the balance will be used for working capital and general corporate purposes, it said. Clearant reports continuing to secure contracts for licensing its Clearant Process, a method used to sterilize tissue allograft implants in their final packaging. Prior to the availability of this process, the tissue allograft implants being delivered to hospitals for use in surgical procedures were aseptically processed, "washed" and then packaged in a clean environment and therefore, according to the company "cannot be sterile." The Clearant Process is designed to reduce all types of pathogens for products across many market segments, including plasma proteins, tissue implants, recombinant products and blood products, and can be applied at various stages of product processing, including in the final container.
Fisher Scientific International (Hampton, New Hampshire) reported completing the sale of Atos Medical (Horby, Sweden), a manufacturer of ear, nose and throat medical devices, to Nordic Capital for $110 million in cash. The deal was first disclosed in March. Atos was originally acquired by Fisher as part of its 2003 purchase of Perbio Science (Stockholm, Sweden). Fisher is a provider of products and services to the scientific community, serving biotech and pharmaceutical companies; colleges and universities; medical-research institutions; hospitals; reference, quality control, process control and R&D labs in various industries; and governments and first responders.
Hansen Medical (Mountain View, California) said it has purchased certain assets primarily intellectual property (IP) of endoVia Medical (Norwood, Massachusetts). The IP includes a portfolio of 33 issued and pending patents and patent applications, many of which are related to minimally invasive surgery (MIS) instruments and surgical robotics. Financial terms of the agreement were not disclosed. Hansen Medical is developing technology that allows the manipulation and precise positioning of percutaneous catheters within chambers of the heart. The Hansen Catheter Control System (CCS) is designed to provide precise catheter control and 3-D navigation, enabling physicians to access hard-to-reach anatomy, repeat procedure steps and maintain stability during procedures. The workstation is compatible with fluoroscopy, ultrasound, 3-D surface map and patient electrogram data. The company initially is developing the CCS for electrophysiology and interventional cardiology, and is researching expanded applications in neurovascular, peripheral vascular and other endoluminal body cavity applications.
St. Jude Medical (St. Paul, Minnesota) reported completing the acquisition of the business of Veloci-med (Maple Grove, Minnesota), a private company that makes specialty interventional cardiology devices. The transaction was announced on Feb. 15. St. Jude is paying $74 million in cash for the purchase, with further payments contingent upon future milestones, the earliest of which would be paid in March 2007. Veloci-med's flagship product, under development, is the Premere patent foramen ovale (PFO) closure system. PFO is a structural defect of the heart in which a small hole at birth between the right and left atria fails to close in infancy. An estimated 25% of the adult population has a PFO. Though usually considered benign, this condition has been associated with an elevated risk of a stroke. More than 200,000 patients worldwide who survive a stroke each year have a PFO and are potential candidates for PFO therapy.
Selas Corporation of America (Dresher, Pennsylvania) said it sold the remaining portion of its Heat Technology business, which includes the Selas name, for about $6.8 million in assets and $4.3 million in liabilities of its burner and components business. Sold to Selas Heat Technology, a company formed by equity firm Lionheart Holdings, the purchase price was about $3.6 million, of which roughly $2.7 million was paid in cash and $900,000 in the form of a subordinated promissory note. With expertise in the robotic manufacture of miniature and micro-miniature electronic products, and the company's redefined focus, it has changed its name to IntriCon. The new company, to be headquartered in Arden Hills, Minnesota, will supply microminiaturized components, systems and molded plastic parts to the hearing instrument manufacturing industry and to the medical equipment, computer, government, electronics and telecommunications industries.
W.L. Gore & Associates (Newark, Delaware), a developer of fluoropolymer-based surgical and medical OEM products, acquired Tetrad (Englewood, Colorado), a maker of medical ultrasound probes, imaging systems and surgical products for end-users and OEMs. Financial terms of the deal were not disclosed. With the acquisition, Tetrad, which was founded in 1985, becomes a wholly owned subsidiary of W.L. Gore.