Healthcare Industry News: Orthofix
News Release - October 3, 2007
Orthofix International Acquires InSWing(TM) Interspinous Process SpacerTechnology acquisition announced at the opening of Eurospine conference in Brussels
HUNTERSVILLE, N.C., Oct. 3 (HSMN NewsFeed) -- Orthofix International N.V. (Nasdaq: OFIX ; the Company) today announced it has acquired the rights to all of the intellectual property related to the InSWing(TM) interspinous process spacer.
InSWing is designed to alleviate the leg and back pain suffered by individuals with lumbar spinal stenosis (LSS). The innovative device can be used in a minimally invasive surgical procedure involving minimal or local anesthesia, significantly less blood loss and a shorter rehabilitation period than alternative surgical procedures.
"Our acquisition of the innovative InSWing technology is an important addition to the broad array of products in our spine portfolio. It underscores the Company's continuing commitment to make new minimally invasive devices available to surgeons and advance the treatment of spine conditions for patients around the world," said Orthofix CEO, Alan Milinazzo. "Our initial focus will be to make InSWing available to various international markets that we believe offer the most opportunities for this advanced technology."
InSWing is designed to be placed between the spinous processes of the lumbar spine using a unique unilateral approach. It is secured through the deployment of an innovative double-wing structure resulting in the widening of the spinal canal and decompression of the spinal nerve that was causing the patient's leg and back pain.
InSWing was developed by a team at LFC Sp. Zo.o. that included Dr. Marek Szpalski M.D., Dr. Robert Gunzburg M.D., Ph. D. and Dr. Lechoslaw F. Ciupik, Ph.D., a bioengineer who was the team's chief designer. Dr. Szpalski is Chairman of Orthopedic and Trauma Surgery at the Iris South Teaching Hospitals in Brussels, Belgium, Associate Professor of Orthopedics at New York University, and Deputy Editor of the European Spine Journal. Dr. Gunzburg is an Orthopedic Consultant at the Edith Cavell clinic in Brussels, and is the President-elect of Eurospine as well as Deputy Editor of the European Spine Journal.
Details of the purchase agreement were not disclosed, however Orthofix indicated that current plans include a limited market release of InSWing, which is CE marked, in Europe as early as the end of the fourth quarter of 2007. The Company also indicated that the acquisition is not expected to materially impact financial results for 2007, but is expected to be slightly accretive to earnings in 2008.
About Orthofix International, N.V.
Orthofix International N.V., a global diversified orthopedic products company, offers a broad line of minimally invasive surgical, as well as non- surgical, products for the spine, orthopedic, and sports medicine market sectors that address the lifelong bone-and-joint health needs of patients of all ages, helping them achieve a more active and mobile lifestyle. Orthofix's products are widely distributed around the world to orthopedic surgeons, hospitals and patients via Orthofix's sales representatives and its subsidiaries, including Breg, Inc. and Blackstone Medical, Inc., and via partnerships with other leading orthopedic product companies including Kendall Healthcare. In addition, Orthofix is collaborating in R&D partnerships with leading medical institutions such as the Orthopedic Research and Education Foundation, the Cleveland Clinic Foundation, and the National Osteoporosis Institute. For more information about Orthofix, please visit www.Orthofix.com.
This news release contains certain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning expectations related to new products at Orthofix and its subsidiaries, and are based on management's current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, unanticipated expenditures, changing relationships with customers, suppliers and strategic partners, risks relating to the protection of intellectual property, changes to the reimbursement policies of third parties, changes to governmental regulation of medical devices, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the orthopedic industry and the economy and other factors described in the most recent report on Form 10-K and other periodic reports filed by Orthofix with the Securities and Exchange Commission.
Source: Orthofix International
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