AngioDynamics, Inc. (NASDAQ: ANGO), a leading provider of
innovative, minimally invasive medical devices for vascular access,
peripheral vascular disease, and oncology, today announced that it
has acquired Eximo Medical, Ltd., an early commercial stage,
medical device company, and its proprietary 355nm wavelength
laser-technology platform for $46 million in up-front consideration
with up to $20 million of contingent consideration related to
certain technical and revenue milestones. The transaction is being
funded exclusively through the use of cash on hand.
This transaction expands AngioDynamics’ existing Vascular
Interventions and Therapies (VIT) product portfolio by adding
Eximo’s proprietary laser technology, which has received 510(k)
clearance for use in the treatment of Peripheral Artery Disease
(PAD). The Eximo technology complements AngioDynamics’ leading
thrombus management and venous insufficiency technologies.
“The acquisition of Eximo brings a remarkable, foundational
technology to our portfolio that will change the way caregivers
deliver treatment to patients with PAD,” said Jim Clemmer,
President and Chief Executive Officer of AngioDynamics, Inc. “The
market is ripe for disruption, and the level of precision, safety,
and efficiency offered to physicians by this laser technology
creates a substantially differentiated alternative to legacy
atherectomy devices.”
Physicians provide atherectomy treatment to over 200,000
Americans annually1, and Eximo’s laser technology represents a
technological breakthrough among medical devices used in
atherectomy procedures to treat PAD today. In acquiring Eximo and
its laser technology, AngioDynamics enters a growing $500+ million
market with an innovative medical solution that offers greater
versatility, a wider range of treatments, and strong clinical data
to support its efficacy.
Differentiated from other legacy medical devices, Eximo’s laser
technology is the only system capable of delivering short,
high-powered pulsed-laser energy in 355nm wavelength without
compromising the integrity of its fiber optic cables during
atherectomy procedures. The technology addresses the risk of
perforation through tissue selectivity, addresses the risk of
embolization to the patient through the availability of aspiration
and is indicated to provide treatment for In-Stent Restenosis
(ISR), which is the gradual re-narrowing of the artery after a
blockage has been previously treated with a stent.
Additionally, Eximo’s laser technology advances patient
treatment options and care by treating a variety of PAD lesion
types both above- and below-the-knee. The technology is a safe,
fast, and effective system that clinical studies have shown to be
effective in treating lesions ranging from soft plaque to severely
calcified2,3.
“We are very happy to join AngioDynamics”, said Yoel Zabar,
Chief Executive Officer of Eximo Medical, Ltd. “We believe that
AngioDynamics’ existing resources and commercial acumen will enable
a large number of patients to benefit from Eximo’s laser
technology, and we look forward to extending its utility into other
indications within vascular and elsewhere. We would also like to
thank the number of physicians that have already partnered with us
during our journey, and we look forward to continuing our work
together as we expand our physician base.”
AngioDynamics management will discuss the transaction during its
scheduled FY2020 First Quarter Financial Results Conference Call,
Thursday, October 3, 2019, at 8:00 a.m. EST. For more information
about Eximo, visit www.angiodynamics.com/eximo.
About AngioDynamics, Inc.
AngioDynamics, Inc. is a leading provider of innovative,
minimally invasive medical devices used by professional healthcare
providers for vascular access, peripheral vascular disease, and
oncology. AngioDynamics’ diverse product lines include
market-leading ablation systems, vascular access products,
angiographic products and accessories, drainage products,
thrombolytic products and venous products. For more information,
visit www.angiodynamics.com.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics' expected future financial
position, results of operations, cash flows, business strategy,
budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as "expects," "reaffirms," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates,"
"optimistic," or variations of such words and similar expressions,
are forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Investors are cautioned that actual events or
results may differ from AngioDynamics' expectations. Factors that
may affect the actual results achieved by AngioDynamics include,
without limitation, the ability of AngioDynamics to develop its
existing and new products, technological advances and patents
attained by competitors, infringement of AngioDynamics' technology
or assertions that AngioDynamics' technology infringes the
technology of fourth parties, the ability of AngioDynamics to
effectively compete against competitors that have substantially
greater resources, future actions by the FDA or other regulatory
agencies, domestic and foreign health care reforms and government
regulations, results of pending or future clinical trials, overall
economic conditions, the results of on-going litigation, challenges
with respect to fourth-party distributors or joint venture partners
or collaborators, the results of sales efforts, the effects of
product recalls and product liability claims, changes in key
personnel, the ability of AngioDynamics to execute on strategic
initiatives, the effects of economic, credit and capital market
conditions, general market conditions, market acceptance, foreign
currency exchange rate fluctuations, the effects on pricing from
group purchasing organizations and competition, the ability of
AngioDynamics to integrate acquired businesses, as well as the risk
factors listed from time to time in AngioDynamics' SEC filings,
including but not limited to its Annual Report on Form 10-K for the
year ended May 31, 2019. AngioDynamics does not assume any
obligation to publicly update or revise any forward-looking
statements for any reason.
1 Medtech 360 Peripheral Vascular Devices Market Analysis 2017 2
Rundback, J, Chandra, P, Brodmann, M, et al. Catheter Cardiovasc
Interv. 2019; 1– 8. https://doi.org/10.1002/ccd.28435 3 Nicolas W.
Shammas, Pradeep Chandra, Marianne Brodmann, et al. Cardiovascular
Revascularization Medicine, 2018, ISSN 1553-8389,
https://doi.org/10.1016/j.carrev.2018.11.022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191003005184/en/
Investor Relations: AngioDynamics, Inc. Michael Greiner
518-795-1821 mgreiner@angiodynamics.com Media:
AngioDynamics, Inc. Saleem Cheeks 518-795-1174
scheeks@angiodynamics.com
AngioDynamics (NASDAQ:ANGO)
Historical Stock Chart
From Aug 2024 to Sep 2024
AngioDynamics (NASDAQ:ANGO)
Historical Stock Chart
From Sep 2023 to Sep 2024