Rochester,NY 7/9/2009 1:18:22 AM
Afternoon Movers - SYNO - Synovis to buy Calif. company for $12.1M - Sourced WhisperFromWallStreet.com
Synovis Life Technologies Inc.
Afternoon Movers - SYNO - Synovis to buy Calif. company for $12.1M - Sourced WhisperFromWallStreet.com
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Synovis Life Technologies Inc. SYNO
After Hours: 17.61 -1.41 (-7.41%) 1:53pm ET
Synovis Life Technologies Inc. has reached an agreement to buy the assets of a medical-technology firm that shut down after it was unable to raise capital.
St. Paul-based Synovis said Tuesday it will pay $12.1 million in cash to acquire Pegasus Biologics Inc.’s assets, which it won through an auction process. Irvine, Calif.-based Pegasus has developed a technology used to repair soft tissue. The company's technology has been used to treat about 10,000 patients suffering from orthopedic problems and wounds. Pegasus shut down in May of 2009. It had raised more than $38 million in venture capital and debt financing. Last year, it recorded about $9.1 million in revenue.
Pegasus’ technology fits well into Synovis’ existing business and will also allow it to enter new markets, Synovis CEO Richard Kramp said in a statement. Synovis already sells biomaterials products, including one that surgeons use to repair soft tissue.
Synovis (Nasdaq: SYNO), which said earlier this year it planned to make acquisitions in order to grow, expects the deal to close by July 15.
About
Synovis Life Technologies, Inc., a medical device company, engages in the development, manufacture, marketing, and sale of products for the surgical treatment of diseases. Its products include implantable biomaterial products and devices for microsurgery and surgical tools, which are used to reduce risk and/or facilitate critical surgeries. The company's biomaterial products include Peri-Strips that are biomaterial stapling buttress used as reinforcement at the surgical staple line; Tissue-Guard, which is used to repair and replace damaged tissue in cardiac, vascular, thoracic, and neurologic procedures; and Veritas Collagen Matrix for use in surgery to repair and replace soft tissue. Its devices for microsurgery comprise Microvascular Anastomotic Coupler, which enables microsurgeons in various surgical specialties to perform anastomotic microsurgical procedures; and Neurotube, a device designed to assist in the reconnection of severed nerves.
Last Trade: 17.56
Day's Range: 17.50 - 18.50
52wk Range: 11.11 - 24.95
Volume: 245,934
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