Healthcare Industry News: heart valve
News Release - November 16, 2007
Hansen Medical Completes Acquisition Of AorTxMOUNTAIN VIEW, Calif.--(HSMN NewsFeed)--Hansen Medical, Inc. (Nasdaq:HNSN ) reported today that it has completed its acquisition of AorTx, Inc., an early stage developer of “percutaneous” or catheter-based valve technology. The acquisition will support Hansen Medical leveraging its Sensei™ Robotic Catheter system, which is currently marketed for electrophysiology procedures, into the rapidly developing market for percutaneous heart valve therapy.
The financial terms of the acquisition include closing payments of 140,048 shares of Hansen Medical common stock and approximately $4.5 million in cash and Hansen Medical’s payment or cancellation at closing of approximately $1.0 million of AorTx liabilities. In addition, there are also possible milestone payments that total up to $15 million in Hansen Medical common stock and $15 million in cash upon the achievement of regulatory clearances and revenue and partnering milestones.
About Hansen Medical, Inc.
Hansen Medical, based in Mountain View, Calif., was founded in 2002 to develop products and technology using robotics for the accurate positioning, manipulation and stable control of catheters and catheter-based technologies. Additional information can be found at www.hansenmedical.com.
This press release contains forward-looking statements regarding, among other things, statements relating to goals, plans, objectives and future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements about plans for entering new markets, for integrating technologies and for developing new product platforms. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause actual results to differ materially from those indicated by forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, the risks and uncertainties inherent in our business, including difficulties in assimilating and integrating acquired assets and personnel; potential safety and regulatory issues; the scope of potential use of current and future products; our ability to successfully scale our manufacturing capabilities; our reliance on third-party manufacturers and suppliers; the scope and validity of intellectual property rights applicable to our products and acquired technologies; competition from other companies; our ability to obtain additional financing to support our operations; and our ability to successfully market and support our product. These and other risks are described in greater detail under the heading "Risk Factors" contained in Item 1A of our Quarterly Report on Form 10Q for the quarter ended September 30, 2007 filed with the Securities and Exchange Commission (SEC) and the risks discussed in our other filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
Hansen Medical has pending trademark applications for “Hansen Medical,” “Sensei,” ”Artisan,” ”Hansen Artisan,” as well as the Hansen Medical “heart design” logo.
Source: Hansen Medical
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