Bay Area's Dextera Filed for Ch. 11 in Dec., Sells Assets to Aesculap
Feb. 5, 2018 13:00 UTC
Dextera Surgical Obtains Approval for Asset Sale to Aesculap, Inc.
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Dextera Surgical Inc.(OTCMKTS: DXTR), a company developing and commercializing the MicroCutter 5/80™ Stapler, today announced that it had obtained approval by the Bankruptcy Court for the sale of substantially all of Dextera Surgical’s assets to Aesculap, a B. Braun company. The transaction is expected to be completed by February 20, 2018.
“We are pleased to see our innovative MicroCutter 5/80 Stapler, PAS-Port® and C-Port® automated anastomosis system cardiac surgery products and technology portfolio transitioning into the very capable hands of the team at Aesculap, Inc. to provide a path for these products to remain in the hands of surgeons and be supported around the globe,” said Julian Nikolchev, president and CEO of Dextera Surgical. “We are working with the Aesculap, Inc. team to transition the manufacturing and worldwide marketing and support of the MicroCutter 5/80, PAS-Port Proximal and C-Port Distal Anastomosis Systems.”
Mr. Nikolchev continued, “While there may be some temporary disruption in the ordering process during the transition period, we will work to ensure that these products remain available to the surgeons who depend on them for less invasive surgical procedures.” It is the intent of Aesculap, Inc. to continue the manufacturing and distribution of Dextera’s products.
In December 2017, Dextera announced that it filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. Additional information about this process and proposed asset sale, as well as court filings and other documents related to the reorganization proceedings, is available through Dextera's claims agent, Rust/Omni at http://www.omnimgt.com/dextera.
Dextera Surgical has retained Cooley LLP as special corporate counsel, Saul Ewing Arnstein & Lehr LLP as its bankruptcy counsel and JMP Securities as its financial advisor.
About Aesculap, Inc.
Aesculap, Inc., a B. Braun company, is part of a 180-year-old global organization focused on meeting the needs of an ever-changing healthcare community. Through close collaboration with its customers, Aesculap provides advanced technologies for general surgery, neurosurgery and closure technologies. Aesculap continues a proud heritage of leadership and responsiveness as we strive to deliver products and services that improve the quality of patients’ lives. For more information, call 800-282-9000 or visit aesculapusa.com.
About Dextera Surgical
Dextera Surgical designs and manufactures proprietary stapling devices for minimally invasive surgical procedures. In the U.S., surgical staplers are routinely used in more than one million minimally invasive laparoscopic, video-assisted or robotic-assisted surgical procedures annually.
Dextera Surgical also markets the only automated anastomosis devices for coronary artery bypass graft (CABG) surgery on the market today: the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System. These products, sold by Dextera Surgical under the Cardica brand name, have demonstrated long-term reliable clinical performance for more than a decade.
The statements in this press release regarding the expected timing of the completion of the sale of assets to Aesculap, Dextera Surgical’s expectations as to the transition process, and Aesculap’s intention to continue the manufacturing and distribution of Dextera’s products, are "forward-looking statements." There are a number of important factors that could cause Dextera Surgical’s results to differ materially from those indicated by these forward-looking statements, including the risks that the conditions to close the sale of assets will not be met, in which case the sale of the assets may not occur, risks inherent with bankruptcy processes and other risks detailed from time to time in Dextera Surgical’s reports filed with the U.S. Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, under the caption “Risk Factors.” Dextera Surgical expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Dextera Surgical’s reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.
Dextera Surgical Inc.
Bob Newell, 650-331-7133
Vice President, Finance and Chief Financial Officer
Source: Dextera Surgical Inc.