Healthcare Industry News: Wright Medical Group
News Release - June 9, 2008
Wright Medical Group, Inc. Acquires the Foot and Ankle Product Line of A.M. Surgical, Inc.
Company Secures Ownership of Innovative Endoscopic Soft Tissue Decompression and Release Technology Platform for the Foot and AnkleARLINGTON, Tenn.--(HSMN NewsFeed)--Wright Medical Group, Inc. (NASDAQ: WMGI ), a global orthopaedic medical device company, announced today that it has acquired certain assets of A.M. Surgical, Inc., a Smithtown, New York-based company focused on providing endoscopic soft tissue release products for foot and ankle surgeons. Wright has been marketing A.M. Surgical’s foot and ankle products since October 2007 pursuant to a previously announced distribution agreement between the parties. The purchase consists of an initial cash payment of $2.1 million and potential additional cash payments, not to exceed $700,000, based upon future financial performance of the acquired assets.
Assets acquired include all of A.M. Surgical’s endoscopic soft tissue release products for the foot and ankle market, which consist of the AM™ EPF (plantar fascia release), AM™ UDIN (interdigital nerve decompression) and AM™ EGR (gastrocnemius release) Systems. These three systems address the decompression and soft tissue release procedures most commonly performed by foot and ankle surgeons. Wright will continue to offer the AM™ foot and ankle tissue release systems through its U.S. sales force, as it has since October 2007, and expects to begin commercialization into certain international markets during 2009.
John T. Treace, Vice President of Marketing for Wright’s extremity products, commented, “The A.M. Surgical product line is highly complementary to our industry leading line of reconstructive and biologic products for flatfoot corrective surgery. We are very pleased that we have obtained definitive control of this innovative technology platform.”
About Wright
Wright Medical Group, Inc. is a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics. The Company has been in business for more than 50 years and markets its products in over 60 countries worldwide.
Safe-Harbor Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements reflect management’s current knowledge, assumptions, beliefs, estimates, and expectations and express management’s current views of future performance, results, and trends. The Company wishes to caution readers that actual results might differ materially from those described in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed in the Company’s filings with the Securities and Exchange Commission (including the Company’s annual report on Form 10-K for the year ended December 31, 2007 under the heading, “Risk Factors” and its quarterly reports), which could cause the Company’s actual results to materially differ from those described in the forward-looking statements. Although the Company believes that the forward-looking statements are accurate, there can be no assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a representation by the Company that the results described therein will be achieved. The Company wishes to caution readers not to place undue reliance on any forward-looking statement. The forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update any forward-looking statement after this date.
Source: Wright Medical Group
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