Healthcare Industry News: Regeneration Technologies
News Release - February 27, 2007
Tissue Regeneration Technologies and Nonvasiv to MergeWOODSTOCK, Ga.--(HSMN NewsFeed)--Tissue Regeneration Technologies, LLC (TRT) and Nonvasiv, LLC (Nonvasiv) are pleased to announce they have agreed to merge, subject to certain conditions and due diligence by both parties. This is a merger between the strategic and the tactical. TRT is largely focused on long-term value for its investors by investing in research and development, clinical studies, and relationships. TRT has raised approximately $10 million in private equity since its inception for these purposes. Nonvasiv is capitalizing on business segments, such as the veterinary market, that are immediately profitable. "This merger is the ideal convergence of time, talent, and technology," stated TRT president, John Warlick.
This merger will result in:
- a combination of industry leading intellectual property portfolios;
- expansion of TRT's existing product line with low-cost, portable technology by Nonvasiv;
- cost synergies to exceed $15 million in manufacturing, R&D and regulatory;
- joint marketing and sales forces with regional and complimentary market segments; and
- the most talented and experienced staff in shockwave medicine and technology working together.
TRT has also entered into negotiations, with a third party independent of Nonvasiv, to acquire the rights to a replacement disposable for the existing veterinary market, which have generated revenues in excess of $3.0 million annually. This disposable will upgrade existing devices to TRT's new long life and environmentally friendly technology.
"Another advantage to this merger is the cost savings to be realized by Nonvasiv. Historically, our manufacturing operations have been outsourced, however by utilizing the exceptional experience and know-how of TRT's manufacturing subsidiary, MTS Europe GmbH, we will gain huge cost benefits," stated Dr. Jens Stabler, CEO of Nonvasiv.
Additionally, we are extremely pleased to announce that Dr. Carlos Leal, OrthoWave Colombia (OWC), the premier shockwave device distributor in South America has agreed to distribute the group's veterinary products in Mexico, Central and South America.
TRT is a leading-edge health care company that believes in "doing well by doing good." Our state-of-the-art medical devices utilize MultiWave(TM) technology (a combination of heat, electromagnetic, acoustic, and light energies) to provide non-invasive and minimally invasive treatment for numerous pathological conditions, including chronic wounds, multiple periodontal applications, pseudoarthrosis and other avascular conditions of the bone, and ischemic heart disease. TRT is headquartered in suburban Atlanta, Georgia from which we operate our urology division, Shockwave Technical Service, and our cardiac subsidiary, Cardiac Regeneration Technologies. Production of our devices is handled by TRT's manufacturing subsidiary, MTS Europe GmbH, located in Lake Constance, Germany. TRT has FDA clearance to market its LithoGold(TM) lithotripsy system for treatment of kidney and ureteral stones. Our devices are currently CE approved and distributed in approximately 20 countries throughout North America, Europe, Asia, Africa and South America. For more information, please visit the company's website at www.trtllc.com.
Nonvasiv was formed by the founders and owners of SwiTech Medical, AG (Switzerland) and ITS, LLC (USA/Germany). Over the past two years these companies have jointly developed a new generation, low-cost, portable shockwave device. Last year over 60 devices were sold in Europe, Asia and South America. To commercialize this product on a broader scale and to combine respective know-how, client networks and IP rights, Nonvasiv, LLC was formed. Nonvasiv, LLC is located in Kennesaw, Georgia and its subsidiary Nonvasiv, GmbH is located in Konstanz, Germany.
Nonvasiv's core strengths lie in technology, marketing and sales in the medical and veterinary businesses in Europe and the US. Nonvasiv's management team has more than 75 years of experience in the shock wave business. Our R&D team includes the original developers of the successful VersaTron®/EvoTron® product line. We are now launching the next generation shockwave device to reaffirm our leadership position in this technology.
To better serve the needs of the dermatology and companion animal markets, Nonvasiv has also developed and patented a flat wave treatment head. This is a major advancement in shockwave medicine which offers pain free treatment of current indications, while providing opportunity for a wider spectrum of new applications, the most immediate being companion animal medicine. For more information, please visit the company's website at www.nonvasiv.de.
Source: Tissue Regeneration Technologies
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.