Acquisition Expands Product Offerings of Synovis Surgical Business
ST. PAUL, Minn., April 10 /PRNewswire-FirstCall/ -- Synovis Life
Technologies, Inc. (Nasdaq: SYNO), announces the completion of its
acquisition of the 4Closure(TM) Surgical Fascia Closure System from Fascia
Closure Systems, LLC, a privately held company based in Santa Ana, Calif.
The 4Closure system is a device and operating method for closure of
punctures in the fascia, a layer of connective tissue on the inner surface
of the chest or abdominal wall, following laparoscopic procedures which use
larger diameter operating ports or trocars. The device is authorized for
sale in the United States and has a patent pending.
"We are excited about the addition of the 4Closure system to our
surgical product line," said Richard Kramp, president and chief executive
officer of Synovis Life Technologies. "With this acquisition, our direct
sales force has a new product to sell and another entry point to bariatric
and general surgeons, as well as other surgical specialists who utilize
laparoscopic techniques." Increasingly, gastric bypass surgery for the
morbidly obese is performed laparoscopically, and the use of a closure
system is important to prevent post-operative hernias in these patients.
Kramp added, "We will train our territory sales representatives on the
4Closure system throughout April, and introduce the product at the Society
of American Gastrointestinal and Endoscopic Surgeons (SAGES) meeting in Las
Vegas, April 19-22."
The potential market in the United States for closure of defects in the
fascia caused by laparoscopic entry ports is quite large, and the company
will initially focus on the bariatric call point, an opportunity
approaching $15 million. The 4Closure technology offers differentiating
advantages over other products in this space. Specifically, it facilitates
closure of the fascia in a repeatable and controlled manner which prevents
both hernia formation and the painful, and sometimes cosmetically
undesirable, bunching of tissue, muscle and fascia at the closure site.
"We view this as a first step in our goal to build our sales portfolio
with products that are already developed, have regulatory authorization and
can be sold in our current markets," Kramp concluded. "We will continue to
seek additional products or companies that complement and broaden our
surgical offerings. These products will also support our plan for organic
growth through expansion of our Veritas product platform by broadening our
customer base and company brand."
About Synovis Life Technologies
Synovis Life Technologies, Inc., based in St. Paul, Minn., is a
diversified medical device company engaged in developing, manufacturing and
bringing to market medical devices for the surgical and interventional
treatment of disease. For additional information on Synovis Life
Technologies and its businesses, visit the company's Web site at
http://www.synovislife.com.
Forward-looking statements contained in this press release are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The statements can be identified by words such as
"should", "could", "may", "will", "expect", "believe", "anticipate",
"estimate", "continue", or other similar expressions. Certain important
factors that could cause results to differ materially from those
anticipated by the forward-looking statements made herein include the
timing of product introductions, outcomes of clinical and market trials as
well as regulatory submissions, the number of certain surgical procedures
performed, the ability to identify, acquire and successfully integrate
suitable acquisition candidates, the cost and outcome of intellectual
property litigation, and the level and timing of orders from contract
manufacturing customers, as well as the other factors found in the
company's Annual Report on Form 10-K for the year ended October 31, 2006.
CONTACTS: CONTACTS:
Marian Briggs / Nancy A. Johnson Richard Kramp, President and CEO
(612) 455-1742 / (612) 455-1745 Brett Reynolds, CFO
(651) 796-7300
SOURCE Synovis Life Technologies, Inc.
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Related links:
http://www.synovislife.com
CONTACT:
Marian Briggs, +1-612-455-1742, or Nancy A.
Johnson, +1-612-455-1745, both of Padilla Speer Beardsley Inc.,
for Synovis Life Technologies, Inc.; or Richard Kramp, President
and CEO, or Brett Reynolds, CFO, both +1-651-796-7300, of Synovis
Life Technologies, Inc.
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