IMRIS Announces Going Concern Sale
Company Reaches Agreement With Deerfield Management Company, L.P. to Purchase Imaging and Service Businesses and Robotics Intellectual Property
MINNETONKA, MN, July 24, 2015 – IMRIS Inc. (“IMRIS” or “the Company”) today announced that investment funds managed by Deerfield Management Company, L.P. (“Deerfield”) were the prevailing parties in the recently completed sale process for the Company’s assets. Deerfield is a healthcare-focused investment firm that manages over $6 billion in assets, and has been the Company’s lender, both prior to and following the commencement of the Company’s chapter 11 proceedings.
Jay D. Miller, IMRIS President and CEO, noted that Deerfield’s emergence as the prevailing bidder came as the result of a comprehensive sales process that included a large number of both strategic and financial parties. “IMRIS is very excited that Deerfield will be acquiring the Company’s imaging and service operating businesses, including the Company’s operations in China, Germany and Japan, and the robotics intellectual property,” Miller said. “Deerfield is a leader in cutting-edge healthcare investment, and has become very familiar with the Company’s range of products and its promising future.” Miller added that “with Deerfield’s support and leadership, the hard work and dedication of IMRIS employees and our loyal customers and suppliers, we truly believe that the Company will be positioned to better serve our existing and new installations and customers. While this has been a difficult road for the Company, I am confident that IMRIS will emerge much stronger in the competitive healthcare industry,” Miller said.
Ted Huber, a Partner at Deerfield who is focused on medical technology investing, indicated that Deerfield remains confident in IMRIS’s future. Huber emphasized that the IMRIS offering of image-guided surgery solutions are used by leading neurosurgery centers around the world and that clinical studies have shown they can improve patient outcomes. “Our purchase of IMRIS fits well with our mission of advancing healthcare through investment, information and philanthropy.” Huber continued, “IMRIS will emerge from bankruptcy a more focused business with a cost base that fits its opportunities and a balance sheet to support its growth. We are confident we can run this business well for the benefit of our investors and IMRIS’ employees and customers.”
A hearing to approve the sale to Deerfield is scheduled before the United States Bankruptcy Court for the District of Delaware on August 12, with the transaction anticipated to close shortly thereafter.
Additional information on the filing can be found at the Claims Agent’s website at www.kccllc.net/IMRIS.
About IMRIS
As a leader in image guided therapy solutions, IMRIS provides an optimized fully integrated image guided therapy environment that serves to address the important needs of patients, clinicians and hospitals by delivering timely information on surgical targets and results to clinicians for use during surgical or interventional procedures. The VISIUS Surgical Theatre incorporates MRI, CT and fluoroscopy into multi-purpose surgical suites to provide truly intraoperative imaging for specific medical applications by bringing advanced imaging into operating rooms. Our products are sold globally to hospitals that deliver clinical services to patients in the neurosurgical, interventional, and orthopedic markets. Learn more by visiting www.imris.com.
About Deerfield
Deerfield is a healthcare investment firm focused on advancing healthcare through investment, information and philanthropy. For more information please visit www.deerfield.com.
For further information, please contact:
Jay D. Miller
President & CEO
IMRIS Inc.
Tel: 763-203-6303
Email: jmiller@imris.com
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MINNETONKA, MN, July 24, 2015 – IMRIS Inc. (“IMRIS” or “the Company”) today announced that investment funds managed by Deerfield Management Company, L.P. (“Deerfield”) were the prevailing parties in the recently completed sale process for the Company’s assets. Deerfield is a healthcare-focused investment firm that manages over $6 billion in assets, and has been the Company’s lender, both prior to and following the commencement of the Company’s chapter 11 proceedings.
Jay D. Miller, IMRIS President and CEO, noted that Deerfield’s emergence as the prevailing bidder came as the result of a comprehensive sales process that included a large number of both strategic and financial parties. “IMRIS is very excited that Deerfield will be acquiring the Company’s imaging and service operating businesses, including the Company’s operations in China, Germany and Japan, and the robotics intellectual property,” Miller said. “Deerfield is a leader in cutting-edge healthcare investment, and has become very familiar with the Company’s range of products and its promising future.” Miller added that “with Deerfield’s support and leadership, the hard work and dedication of IMRIS employees and our loyal customers and suppliers, we truly believe that the Company will be positioned to better serve our existing and new installations and customers. While this has been a difficult road for the Company, I am confident that IMRIS will emerge much stronger in the competitive healthcare industry,” Miller said.
Ted Huber, a Partner at Deerfield who is focused on medical technology investing, indicated that Deerfield remains confident in IMRIS’s future. Huber emphasized that the IMRIS offering of image-guided surgery solutions are used by leading neurosurgery centers around the world and that clinical studies have shown they can improve patient outcomes. “Our purchase of IMRIS fits well with our mission of advancing healthcare through investment, information and philanthropy.” Huber continued, “IMRIS will emerge from bankruptcy a more focused business with a cost base that fits its opportunities and a balance sheet to support its growth. We are confident we can run this business well for the benefit of our investors and IMRIS’ employees and customers.”
A hearing to approve the sale to Deerfield is scheduled before the United States Bankruptcy Court for the District of Delaware on August 12, with the transaction anticipated to close shortly thereafter.
Additional information on the filing can be found at the Claims Agent’s website at www.kccllc.net/IMRIS.
About IMRIS
As a leader in image guided therapy solutions, IMRIS provides an optimized fully integrated image guided therapy environment that serves to address the important needs of patients, clinicians and hospitals by delivering timely information on surgical targets and results to clinicians for use during surgical or interventional procedures. The VISIUS Surgical Theatre incorporates MRI, CT and fluoroscopy into multi-purpose surgical suites to provide truly intraoperative imaging for specific medical applications by bringing advanced imaging into operating rooms. Our products are sold globally to hospitals that deliver clinical services to patients in the neurosurgical, interventional, and orthopedic markets. Learn more by visiting www.imris.com.
About Deerfield
Deerfield is a healthcare investment firm focused on advancing healthcare through investment, information and philanthropy. For more information please visit www.deerfield.com.
For further information, please contact:
Jay D. Miller
President & CEO
IMRIS Inc.
Tel: 763-203-6303
Email: jmiller@imris.com
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