Fresenius Medical Care AG & Co. KGaA Acquires Renal Solutions for $190 Million
Published: Nov 29, 2007
WARRENDALE, Pa., Nov. 29 /PRNewswire/ -- Renal Solutions, Inc. (RSI) announced today that the Company has been acquired by Fresenius Medical Care AG & Co. KGaA. RSI will continue operations as a wholly owned subsidiary of Fresenius Medical Care, the largest integrated global provider of dialysis products and services. Peter DeComo will continue to lead RSI operations in Warrendale, PA and Oklahoma City, OK.
Renal Solutions is the innovator in the field of sorbent dialysis therapy. The Company's sorbent technology is based on a more than 35-year history of proven dialysis therapy and enables flexible treatment options using only 6 liters of drinking water. RSI holds a number of key patents and other intellectual property related to sorbent dialysis therapy and has recently launched its Sorbent Management for Advanced Renal Replacement Therapy (SMARRT(TM)) platform.
SMARRT therapy utilizes a gentle, patient-driven technology backed by over 6 million treatments. It enables short, standard or extended duration hemodialysis therapy using only 6 liters of drinking water without requiring the use of a water treatment system. The small dialysate quantity made possible by sorbent technology provides an inherent volume safety not possible with conventional hemodialysis technology. At the same time, it creates a dialysate flow rate of up to 400 ml/min., enabling the provision of highly effective dialysis. Advanced sorbent cartridges contain specialized sorbent compounds that regenerate fresh, high purity dialysate, eliminating the need for complex and costly water purification systems.
"This acquisition validates the strategic importance of sorbent technology to the dialysis field," said Peter DeComo, President and CEO of Renal Solutions. "The combination of Renal Solutions and Fresenius Medical Care, the global leader in dialysis products and services, will maximize the value of sorbent therapy through rapid development of innovative products and services that would have been difficult to achieve as a small independent company," he continued. "The convergence of our respective resources will enhance the prospects for true innovative approaches, including portability and wearability, to further improve the service to patients requiring dialysis therapy worldwide."
RSI is currently commercializing the Allient(R) Sorbent Hemodialysis System for chronic and acute hemodialysis applications. The Allient System will be the first dialysis system to bring SMARRT technology to the market, opening new treatment options to dialysis professionals and patients.
The current RSI home use clinical study featuring the Allient System and sorbent technology will continue enrollment at multiple sites. The trial is designed to demonstrate patient ability to self-administer hemodialysis in the home using the FDA cleared system. In this research study, 25 dialysis participants will self-administer extended duration dialysis in the home.
Morgan Stanley served as advisor to Renal Solutions for the transaction.
About Renal Solutions, Inc
Renal Solutions, Inc., a medical device and healthcare service company, is commercializing the Allient(R) Sorbent Hemodialysis System, a revolutionary technology/service solution for the chronic and acute dialysis market. The Allient System, brings SMARRT (Sorbent Management for Advanced Renal Replacement Therapy) therapy to the dialysis field, opening new treatment options to dialysis professionals and patients by virtue of its ability to provide short, standard or extended duration hemodialysis therapy using just 1 and 1/2 gallons of ordinary drinking water. Numerous clinical studies have shown that an increased cumulative dialysis dose results in better patient outcomes. The Allient System provides the increased dose advantage without the need for an independent water system or large volumes of sterile fluid. This translates into increased flexibility and convenience benefits.
For more information about Renal Solutions visit the Company's website at www.renalsolutionsinc.com.
This press release contains forward-looking statements, which if not based on historical facts, involve risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company's control. Events which could cause results to differ include, failure to meet on-going developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with the FDA/regulatory approval process, adverse changes to reimbursement for the Company's products/services and delays with respect to market acceptance of new products/services and technologies. Other risks may be detailed from time to time but the Company does not attempt to revise or update its forward- looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.
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