Microsulis Medical establishes strategic relationship with AngioDynamicsDate Posted: 17 Dec 2012             RSS Feed       Print
DENMEAD, England - March 26, 2012: Microsulis Medical, the medical device company specialising in minimally invasive, microwave ablation technology for the coagulation of soft tissue has announced a multi-faceted strategic relationship with AngioDynamics (NASDAQ: ANGO). US company AngioDynamics is a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology.
The strategic relationship includes the following key elements:
• AngioDynamics has made a $5 million equity investment in Microsulis through the purchase of senior preferred stock, representing a 14.3% ownership position,
• AngioDynamics has been granted exclusive distribution rights to market and sell the Acculis microwave tissue ablation (MTA) system in all markets outside the United States from May 2012 through December 2013,
• AngioDynamics has been granted the exclusive option to purchase, at any time until September 22, 2013, substantially all of the global assets of Microsulis Medical Ltd., including the microwave ablation technology and its worldwide distribution rights.
“Over the past 15 years, Microsulis has developed what we believe to be the most technically advanced microwave ablation technology on the market today,” said Stuart McIntyre, Chief Executive Officer of Microsulis. "We are excited to have AngioDynamics, with its leading position in surgical oncology, as our strategic partner and very much look forward to working with them in bringing our products to patients across the globe.”
Joseph M. DeVivo, President and Chief Executive Officer of AngioDynamics, said: “This strategic relationship reflects the commitment to investing in the future growth of our Oncology/Surgery business, and illustrates our focus on leveraging our strong Oncology/Surgery sales team.
"We believe Microsulis’ technology is the most innovative microwave system on the market today. The addition of this breakthrough technology will solidify AngioDynamics as the clear market-leading innovator in the $250 million global tissue ablation market, with a full offering of thermal and non-thermal technologies that includes microwave, radiofrequency and the NanoKnife® System. We expect the agreement will have a modest revenue contribution in fiscal year 2013.”
Microsulis’ flagship product, the Accu2i pMTA applicator for percutaneous use, utilizes a single, high-power, high-frequency 2.45GHz saline-cooled needle that delivers significant advantages to clinicians and patients, including faster and larger soft tissue ablations. The device was CE Marked in February 2010 and 510(k) cleared by the U.S. Food and Drug Administration in August 2010.
Morgan Joseph TriArtisan LLC served as exclusive financial advisor to Microsulis Medical Ltd.
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics’ diverse product lines include market-leading ablation systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products. More information is available at www.AngioDynamics.com.
About Microsulis Medical
Microsulis Medical is a specialist medical device company with market leading solutions in microwave ablation. The company’s products deliver significant technological and clinical advances to physicians and patients in minimally invasive, soft tissue ablation. More information is available at www.microsulis.com.