Rochester, NY 7/16/2009 1:51:51 AM
SYNO - Synovis to buy Calif. company for $12.1M
Synovis Life Technologies Inc., SYNO
Synovis Life Technologies Inc., SYNO
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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.
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