E-Z-EM (Lake Success, New York) reported that the spin-off of its AngioDynamics subsidiary has been completed. On Oct. 30, E-Z-EM distributed 0.856377 of a share of AngioDynamics common stock as a dividend on each outstanding share of E-Z-EM common stock to E-Z-EM shareholders of record as of Oct. 11. E-Z-EM shareholders received cash in lieu of any fractional shares. AngioDynamics, which is now a fully independent company, completed an initial public offering in May, selling 1.95 million shares to raise $21.45 million The company manufactures therapeutic and diagnostic devices that enable interventional physicians to treat peripheral vascular disease and other non-coronary diseases. Its products include angiographic catheters, hemodialysis catheters, PTA dilation catheters, thrombolytic products, image-guided vascular access products, endovascular laser venous system products and drainage products. E-Z-EM makes contrast agents for gastrointestinal radiology. It also offers a complete product set for the virtual colonoscopy practitioner.
Medtronic Vascular (Santa Rosa, California) reported that it has acquired Angiolink (Taunton, Massachusetts), a privately held medical device company focused on developing wound closure solutions for vascular procedures. Angiolink's EVS (Expanding Vascular Stapling) vascular closure system, which received FDA approval recently, is engineered to close the femoral artery access site after vascular procedures, such as diagnostic angiography, balloon angioplasty and stenting. Financial terms of the transaction were not disclosed. Vascular closure is an emerging market and, according to Medtronic Vascular is complementary to its coronary and peripheral vascular businesses. The EVS System provides Medtronic an additional vascular closure offering to its only current closure product – the non-invasive Clo-Sur PAD, a device manufactured by Scion CardioVascular (Miami). The EVS System is designed to provide safe and effective mechanical closure of arterial puncture sites without disturbing the lumen, or interior, of the targeted vessel. The system can be used by a single operator and is designed to apply a titanium staple that stabilizes and closes the artery. The system is designed to quickly stop access site bleeding and contribute to reducing patient recovery time. Angiolink, which was founded in 1999 and has 15 employees, filed a premarket approval application for the EVS system in May. Over the coming months, the company will be integrated into Medtronic's Danvers, Massachusetts, facility, which primarily manufactures guide catheters.