Healthcare Industry News: thrombectomy
News Release - June 2, 2008
Spectranetics Announces Closing of Transaction to Acquire Endovascular Business of Kensey Nash
COLORADO SPRINGS, Colo.--(HSMN NewsFeed)--Spectranetics Corporation (Nasdaq: SPNC ) today announced it has completed the closing of the transaction to acquire the endovascular business of Kensey Nash and has begun commercialization of the acquired products.The products acquired consist of the QuickCat® thrombus aspiration catheter, ThromCat® thrombectomy device, and SafeCross® products used to treat chronic total occlusions (CTO). These products generated sales of $5.1 million during the year ended December 31, 2007.
John G. Schulte, Spectranetics’ President and Chief Executive Officer, stated, “The closing was completed ahead of schedule and integration activities have already been initiated. Training of many of our vascular intervention sales professionals has been completed and we look forward to marketing the acquired products and maximizing their potential with the manufacturing and product development support of Kensey Nash.”
About Spectranetics
Founded in 1984, Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in minimally invasive cardiovascular procedures. This technology treats complex cardiovascular conditions by photo-ablating multiple lesion types into tiny particles that are easily absorbed into the blood stream. The Company’s disposable catheters use high-energy “cool” ultraviolet light to vaporize arterial blockages in the legs and heart, as well as scar tissue encapsulating pacing and defibrillation leads. For more information visit www.spectranetics.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include market acceptance of excimer laser atherectomy technology, increasing price and product competition, increased pressure on expense levels resulting from expanded sales, marketing, product development and clinical activities (including with regard to the products acquired from Kensey Nash), uncertain success of the Company’s strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals (including with regard to the products acquired from Kensey Nash), market acceptance of new products or applications, product defects, ability to manufacture sufficient volumes to fulfill customer demand, availability of vendor-sourced components at reasonable prices, the integration of the products acquired from Kensey Nash into the Company’s distribution and sales operations, unexpected delays or costs associated with the Company’s relocation and consolidation of its headquarters and manufacturing operations, and price volatility due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further list and description of such risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company’s previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Spectranetics
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