Bio-Vascular (St. Paul, Minnesota) has acquired all of the stock of Medical Companies Alliance (MCA; Birmingham, Alabama), a maker of products for microsurgery. MCA products include the Microvascular Anastomotic Coupler System, a patented technology that enables microsurgeons to perform anastomosis, the connection of small arteries or veins, faster, easier and without conventional sutures. Terms of the transaction were not disclosed. Karen Gilles Larson, Bio-Vascular president and CEO, said the acquisition "is an excellent fit with our strategic plan to diversify our product offerings." The system includes a reusable anastomotic instrument, a vessel measuring gauge and implantable ring devices to connect arteries or veins. Michael Campbell, MCA president, said the company "is committed to introducing new and innovative technologies for microsurgery." He added that MCA was studying the possibility of making the Coupler in larger sizes to target the vascular and coronary surgery markets, markets already served by Bio-Vascular. Bio-Vascular makes specialty medical products for use in thoracic, cardiac, neuro, vascular and ophthalmic surgery.
Conmed (Utica, New York) said it has completed the acquisition of the remaining minimal access surgery (MAS) product lines from Imagyn Medical Technologies (Irvine, California) that it did not acquire in November 2000. Together with Conmed's present lines of minimal access surgery products, the company's MAS division will be a supplier of instruments to hospitals and surgery centers with revenues exceeding $30 million. The company said that it believes the addition of the Imagyn product line will make it the third-largest U.S. supplier of such products. The company said the new products, with expected revenues of $18 million to $20 million in the first 12 months following closing, more than double the company's existing line of laparoscopic instruments. The products acquired consist of various single-use and reposable (devices integrating reusable and disposable, single-use components) instruments such as trocars, hand-held instruments and tissue ligating devices enabling minimal access surgical techniques. Also acquired was Imagyn's line of Reflex skin staplers for wound closure. As part of the transaction, the majority of Imagyn's domestic surgical sales force have become Conmed employees. Additionally, manufacturing will continue in Imagyn's Kalamazoo, Michigan, plant during a transition period expected to last from four to six months. Conmed has issued to Imagyn 1.3 million shares of its common stock, valuing the transaction at $33.9 million. Conmed specializes in instruments and implants for arthroscopic sports medicine, and powered surgical instruments for orthopedic, ENT, neuro-surgery, and other surgical specialties. The company also makes RF electrosurgery systems used in all types of surgery, ECG electrodes for heart monitoring and minimally invasive surgical devices.
Edwards Lifesciences (Irvine, California) reported completing the previously announced sale of its U.S. perfusion services subsidiary to an affiliate of Fresenius Medical Care AG (Frankfurt, Germany). Michael Mussallem, Edwards chairman and CEO, said sale of the unit completes Edwards' transformation into a "more focused cardiovascular technology company. We are now able to increase our focus on our core franchises and on targeted investments aimed at applying technology to unmet clinical needs." Edwards develops late-stage cardiovascular disease treatments, including tissue replacement heart valves and heart valve repair products.
Jomed NV (Ulestraten, the Netherlands) a developer of products for minimally invasive vascular intervention, said that 1.2 million shares, or 4.5% of the outstanding shares of the company, were purchased by three undisclosed Swiss institutional investors. The shares were previously held by the Sunnanv der family, one of the early providers of venture capital to the company. Lars Sunnanv der, who retired from the supervisory board earlier in the year said that "Divesting part of the family holding will allow the financing of new ventures and, especially, to reinforce the capital base in my other companies in the medical field." After this transaction the Sunnanv der family will hold 1.6 million, or 6%, of the outstanding shares.
NZ Corporation (Phoenix, Arizona) has completed a merger agreement with Lipid Sciences (Pleasanton, California), a privately held medical technology company. NZ will issue approximately 15.94 million common shares to the stockholders of Lipid Sciences, and change its name to Lipid Sciences Inc. Lipid Sciences is developing patented technology that the company said has shown the ability to reverse atherosclerosis in animals and has the ability to inactivate lipid enveloped viruses, such as HIV, and Hepatitis B and C. The company said it expects to begin clinical trials testing the reversal of atherosclerosis in humans before the end of the year. NZ is a real estate investor and owner, and short-term commercial real estate lender.
Oxigene (Watertown, Massachusetts), a player in the field of vascular targeting, has completed the sale of its Nicoplex and Thiol test products to CampaMed LLC, a privately held company that develops nutraceutical products. Nicoplex is a combination of antioxidant nutrients being developed for the over-the-counter market as an antioxidant therapy. CampaMed will provide up to $3.3 million in future installment payments based upon sales of the products.