ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 9, 2005--Proxima Therapeutics, Inc., a privately-held developer and marketer of internally-delivered, site-specific cancer treatment systems, today announced that it has entered into a definitive agreement to be acquired by Cytyc Corporation (Nasdaq: CYTC - News), a leading women's health company. Under the terms of the agreement, Proxima will be acquired by Cytyc in an all cash transaction for a purchase price of $160 million plus a two-year earnout based on incremental sales growth in 2005 and 2006.
Proxima's leading product is the MammoSite® Radiation Therapy System (RTS) for the treatment of breast cancer. MammoSite enables eligible patients who have undergone a lumpectomy to receive partial breast irradiation (PBI), the practice of delivering radiation only to the area where tumors are most likely to recur, while minimizing exposure to healthy tissue. The MammoSite device is a balloon catheter that delivers a prescribed dose of radiation from inside the cavity created by the removal of the breast tumor in just five days.
Since its clearance by the U.S. Food and Drug Administration (FDA) in 2002, MammoSite has been used to treat more than 7,000 breast cancer patients. In addition to MammoSite, Proxima markets the GliaSite RTS, a site-specific radiation treatment for brain tumors.
"MammoSite is already a market leader in partial breast irradiation, and by combining forces with the infrastructure and resources of Cytyc's rapidly growing women's health franchise we expect that this important therapy will now become even more accessible to breast cancer patients," said Timothy Patrick, CEO of Proxima Therapeutics. "This would not have been possible without the talents and contributions of the many employees at Proxima Therapeutics whose efforts have helped bring important new treatment options to the patients who need them."
About Proxima Therapeutics, Inc.
Based in Alpharetta, Ga., Proxima Therapeutics, Inc. is a privately held medical device company established in 1995 to develop site-specific cancer treatment systems for malignant tumors. Marketed products include MammoSite RTS for breast cancer and GliaSite RTS for brain cancer. Additional information is available on the company's Web site at www.proximatherapeutics.com. Physicians and patients may call 1-866-PROXIMA (1-866-776-9462) for more information.
Jim Weinrebe/Wendy Williams, 781-684-0770
Proxima Therapeutics, Inc.
Tim Patrick, 770-753-4848
Source: Proxima Therapeutics, Inc.