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news.AngioDynamics, a provider of medical devices, has purchased certain assets of privately held FlowMedica, a provider of targeted renal therapy.
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The transaction was structured as an asset purchase under which AngioDynamics will pay $1.75 million in cash for the assets of the business plus a contingent payment based on fiscal 2011 sales of benephit products.
Benephit infusion products deliver therapeutic agents directly into both renal arteries through dedicated infusion catheter and sheath systems while allowing simultaneous interventional coronary, peripheral, endovascular and surgical procedures.
According to AngioDynamics, targeted renal therapy (TRT) can also be employed for stand-alone renal drug delivery in other hospital settings when desired. The benephit systems have been granted 510(k) clearance from the FDA and the CE Mark, and are commercially available.
AngioDynamics has hired 10 FlowMedica employees and plans to continue to operate from FlowMedica’s Fremont, California office.
Eamonn Hobbs, president and CEO of AngioDynamics, said: “This purchase is an example of AngioDynamics’s acquisition strategy to focus on small transactions that extend our product offerings, can be sold by our sales force and have near-term revenue potential.
“We believe FlowMedica’s benephit infusion systems have the potential to address the needs of patients at risk for acute kidney injury that result from common medical procedures and is also associated with certain medical conditions. This represents a significant large and unmet market opportunity with an annual value of several hundred million dollars. We intend to begin marketing the systems through our peripheral vascular sales team.”