Healthcare Industry News: Cytori Therapeutics
News Release - June 1, 2007
Kensey Nash Announces Acquisition of Assets of MacroPore Biosurgery Business Unit from Cytori TherapeuticsEXTON, Pa., June 1 (HSMN NewsFeed) -- Kensey Nash Corporation (Nasdaq: KNSY ) today announced that it has acquired substantially all of the assets of the MacroPore Biosurgery spinal and orthopaedic business unit of Cytori Therapeutics, Inc. (Nasdaq: CYTX ) for $3.2 million cash. Since 1996, MacroPore Biosurgery has been a leading developer of bioresorbable products targeted in spinal, craniofacial, and orthopaedic surgery applications. The business unit acquired by Kensey Nash encompasses the manufacturing of six bioresorbable product lines, which are sold to a leading orthopaedic device company for worldwide distribution. The assets of the business unit include manufacturing equipment, intellectual property, and inventory.
The operations of the acquired business unit are complementary to Kensey Nash's bioresorbable manufacturing capabilities. The commercialized products acquired in the transaction include a bioresorbable graft containment system and other spinal and orthopaedic devices. After a short transition period, Kensey Nash plans to manufacture the products in its Exton, PA facility.
"This transaction represents a unique opportunity for us to expand our biomaterials business by leveraging our bioresorbable manufacturing expertise," commented Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. "The addition of new product lines through our new manufacturing facility will be beneficial to the company," he concluded.
About Kensey Nash Corporation. Kensey Nash Corporation is a leading medical technology company providing innovative solutions and technologies for a wide range of medical procedures. The Company provides an extensive range of products into multiple medical markets, primarily in the endovascular, sports medicine and spine markets. Many of the products are based on the Company's significant expertise in the design, development, manufacturing and processing of absorbable biomaterials, which has led to partnerships to commercialize technologies. Kensey Nash has also commercialized a series of innovative embolic protection and thrombectomy products through its own direct endovascular sales force. The Company is known as a pioneer in the field of arterial puncture closure, as the inventor and developer of the Angio-Seal(TM) Vascular Closure Device, which is licensed to St. Jude Medical, Inc.
Cautionary Note for Forward-Looking Statements. This press release contains forward-looking statements that reflect the Company's current expectations about its prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "forecast," "believe," "guidance," "projection" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties, and other important factors could cause the Company's actual results to differ materially from those in the forward-looking statements including, without limitation, integration risks related to the acquisition, the Company's success in launching its endovascular products into the marketplace, the Company's dependence on major customers and their success in selling KNC related products in the marketplace, the impact of product recalls and other manufacturing issues, and competition from other technologies, among other important risks. For a more detailed discussion of these and other factors, please see the Company's SEC filings, including the disclosure under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Source: Kensey Nash
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