Healthcare Industry News: HSMN NewsFeed
News Release - March 26, 2012
AngioDynamics Establishes Strategic Relationship with Microsulis Medical Ltd.Exclusive International Distribution Rights for Leading Microwave Ablation Products
Equity Investment with Exclusive Option to Purchase Technology
ALBANY, N.Y. & DENMEAD, England--(Healthcare Sales & Marketing Network)--AngioDynamics (NASDAQ: ANGO ), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today announced a strategic relationship with privately-held Microsulis Medical Ltd. Microsulis is a medical device company specializing in minimally invasive, microwave ablation technology for the coagulation of soft tissue and has systems in more than 80 hospitals world-wide.
The strategic relationship includes the following key elements:
AngioDynamics has made a $5 million equity investment in Microsulis through the purchase of senior preferred stock, representing a 14.3% ownership position,
AngioDynamics has been granted exclusive distribution rights to market and sell the Accu2i pMTA microwave ablation system in all markets outside the United States from May 2012 through December 2013,
AngioDynamics has been granted the exclusive option to purchase, at any time until September 22, 2013, substantially all of the global assets of Microsulis Medical Ltd., including the microwave ablation technology and its worldwide distribution rights.
“This strategic relationship reflects the commitment to investing in the future growth of our Oncology/Surgery business, and illustrates our focus on leveraging our strong Oncology/Surgery sales team,” said Joseph M. DeVivo, President and Chief Executive Officer of AngioDynamics. “We believe Microsulis’ technology is the most innovative microwave system on the market today. The addition of this breakthrough technology will solidify AngioDynamics as the clear market-leading innovator in the $250 million global tissue ablation market, with a full offering of thermal and non-thermal technologies that includes microwave, radiofrequency and the NanoKnife® System. We expect the agreement will have a modest revenue contribution in fiscal year 2013.”
“Over the past 15 years, Microsulis has developed what we believe to be the most technically advanced microwave ablation technology on the market today,” said Stuart McIntyre, Chief Executive Officer of Microsulis. “We are excited to have AngioDynamics, with its leading position in surgery and oncology, as our strategic partner and very much look forward to working with them in bringing our products to patients across the globe.”
Microsulis’ flagship product, the Accu2i pMTA system for percutaneous use, utilizes a single, high-power, high-frequency 2.45 GHz saline-cooled needle that delivers significant advantages to clinicians and patients, including faster and larger soft tissue ablations. The device was CE Marked in February 2010 and 510(k) cleared by the U.S. Food and Drug Administration in August 2010.
Morgan Joseph TriArtisan LLC served as exclusive financial advisor to Microsulis Medical Ltd.
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics’ diverse product lines include market-leading ablation systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products. More information is available at www.AngioDynamics.com.
About Microsulis Medical
Microsulis Medical is a specialist medical device company with market leading solutions in microwave ablation. The company’s products deliver significant technological and clinical advances to physicians and patients in minimally invasive, soft tissue ablation. More information is available at www.microsulis.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics’ expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as “expects,” “reaffirms,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “optimistic,” or variations of such words and similar expressions, are forward-looking statements. These forward looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ from AngioDynamics’ expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the ability of AngioDynamics to develop its existing and new products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, overall economic conditions, the results of on-going litigation, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, the ability of AngioDynamics to integrate purchased businesses, as well as the risk factors listed from time to time in AngioDynamics’ SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2011, and quarterly report on Form 10-Q for the fiscal quarter ended November 30, 2011. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
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