MINNEAPOLIS
and ORANGEBURG, N.Y., March 31,
2015 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI)
and Vision-Sciences, Inc. (NASDAQ: VSCI) today announced the
completion of their merger. The merger was originally announced in
December 2014, and completion of the
all-stock combination creates a new medical device company named
Cogentix Medical, Inc. Beginning on April 1,
2015, Cogentix Medical, Inc. will trade on the NASDAQ under
the symbol CGNT. Cogentix Medical will have its U.S. headquarters
in Minnetonka, MN, where
Uroplasty's current headquarters is located.
"The completion of our merger with Vision-Sciences and the
creation of Cogentix Medical marks another milestone on our path to
accelerating revenue growth and broadening our product offerings to
our physician clients," said Rob
Kill, President and CEO of Cogentix. "We remain highly
confident in the future growth prospects for Cogentix Medical and
look forward to working with the team members of the former
Vision-Sciences to complete our integration plans and to realize
the significant synergies the merger is expected to create."
Cogentix Medical is expected to generate revenue of
approximately $50 million for the
fiscal year beginning April 1, 2015,
as well as realize cost synergies of approximately $3 million.
Uroplasty's financial advisor was Piper
Jaffray & Co. and its legal advisor was Oppenheimer
Wolff & Donnelly LLP. Vision-Sciences' financial advisor was
Leerink Partners LLC and its legal advisor was Royer Cooper Cohen
Braunfeld LLC.
About Cogentix
Cogentix Medical, Inc., headquartered
in Minnetonka, Minnesota, with
operations in New York,
Massachusetts, The Netherlands and the United Kingdom, is a global medical device
company. We design, develop, manufacture and market products for
flexible endoscopy with our unique product lines featuring a
streamlined visualization system and proprietary sterile disposable
microbial barrier, known as EndoSheath technology, providing users
with efficient and cost effective endoscope turnover while
enhancing patient safety. We also commercialize the Urgent® PC
Neuromodulation System, an FDA-cleared device that delivers
percutaneous tibial nerve stimulation (PTNS) for the office-based
treatment of overactive bladder (OAB). OAB is a chronic condition
that affects approximately 42 million U.S. adults. The symptoms
include urinary urgency, frequency and urge incontinence. We also
offer Macroplastique®, an injectable urethral bulking agent for the
treatment of adult female stress urinary incontinence primarily due
to intrinsic sphincter deficiency. For more information on Cogentix
and our products, please visit us at www.cogentixmedical.com.
For Further Information:
Cogentix
Medical, Inc.
Brett
Reynolds, SVP and
CFO
952-426-6152
EVC Group
Doug
Sherk/Brian Moore
(Investors)
415-652-9100/310-579-6199
Janine
McCargo (Media)
646-688-0425
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking
statements. These forward-looking statements generally can be
identified by the use of words such as "anticipate," "expect,"
"plan," "could," "may," "will," "believe," "estimate," "forecast,"
"goal," "project," and other words of similar meaning.
Forward-looking statements in this press release include, but are
not limited to, statements about the benefits of the merger
transaction; expected revenue growth rates; and the company's
plans, objectives, expectations and intentions with respect to
future operations, products and services. Each forward-looking
statement contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the risk that ongoing
shareholder litigation in connection with the merger transaction
may result in significant costs of defense, indemnification and
liability; other business effects, including the effects of
industry, economic or political conditions outside of either
company's control; the failure to realize synergies and
cost-savings from the merger transaction or delay in realization
thereof; the businesses of Uroplasty and Vision-Sciences may not be
combined successfully, or such combination may take longer, be more
difficult, time-consuming or costly to accomplish than expected;
operating costs and business disruption following completion of the
transaction, including adverse effects on employee retention and on
the combined company's respective business relationships with third
parties; transaction costs; actual or contingent liabilities; the
adequacy of the combined company's capital resources; and the risks
identified under the heading "Risk Factors" in the joint proxy
statement/prospectus filed with the Securities and Exchange
Commission ("SEC") on February 23,
2015, in Uroplasty's Annual Report on Form 10-K, for the
fiscal year ended March 31, 2014,
filed with the SEC on June 9, 2014,
and Vision-Sciences' Annual Report on Form 10-K for the fiscal year
ended March 31, 2014, filed with the
SEC on May 30, 2014, as well as
Uroplasty's and Vision-Sciences' subsequent Quarterly Reports on
Form 10-Q and other information filed by each company with the SEC.
Cogentix cautions investors not to place considerable reliance on
the forward-looking statements contained in this press release. You
are encouraged to read Uroplasty's and Cogentix's filings with the
SEC, available at www.sec.gov, for a discussion of these and other
risks and uncertainties. The forward-looking statements in this
press release speak only as of the date of this release, and
Cogentix undertake no obligation to update or revise any of these
statements. Cogentix businesses are subject to substantial risks
and uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
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visit:http://www.prnewswire.com/news-releases/uroplasty-and-vision-sciences-complete-merger-300058773.html
SOURCE Uroplasty, Inc.