Zimmer Acquires Knee Creations, LLC's Business
Published: May 03, 2013
WARSAW, Ind., May 2, 2013 /PRNewswire/ -- Zimmer Holdings, Inc. (NYSE: ZMH; SIX: ZMH) announced today that it has acquired the business assets of West Chester, Pennsylvania-based Knee Creations, LLC. The acquisition enhances Zimmer's product portfolio of knee treatments through the addition of Knee Creations' Subchondroplasty® procedure. Subchondroplasty is an innovative, proprietary joint-preservation treatment that has been shown to deliver sustained relief to patients with knee pain, with or without arthritis. It is the first procedure to address an unmet clinical need between early interventions, including NSAIDs and arthroscopy, and total joint replacement.
"Zimmer is committed to developing the most comprehensive range of therapies for knee patients, from early intervention and joint preservation products to patient specific instrumentation and personalized joint replacements," said Jeff McCaulley, President, Zimmer Reconstructive. "The acquisition of Knee Creations' revolutionary Subchondroplasty treatment provides Zimmer with another clinically differentiated offering that addresses an unmet clinical need."
Marc R. Viscogliosi, a founder and Chairman of the Board of Managers of Knee Creations, LLC, stated, "On behalf of the Knee Creations board and its whole investor base, we are pleased that Zimmer will be the new owner of this business and technology, enabling it to further flourish for the benefit of patients and physicians. As a global leader, we believe Zimmer can make the greatest impact with the revolutionary Subchondroplasty procedure platform."
Subchondroplasty is a percutaneous outpatient intervention that addresses the defects associated with subchondral bone marrow edema (BME). BMEs are related to stress fractures or micro-fractures and are diagnosed using MRI. Left untreated, these defects have been shown to lead to cartilage degeneration, limited function, pain and greater risk for joint deterioration.
In this minimally invasive, arthroscopically-assisted procedure, navigation instruments are used to inject a specialized bone void filler to treat the bone defect and begin the healing process, without violating the joint. Since its introduction in November 2010, more than 1,500 Subchondroplasty procedures have been completed.
Viscogliosi & Company, LLC (V&CO) acted as exclusive financial advisor to Knee Creations. V&CO is a FINRA registered brokerage dealer, investment bank and advisory firm that represents buyers, sellers and owners of surgeon driven, patient-focused innovative products and technologies.
About Zimmer Holdings, Inc.
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants, and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer's 2012 sales were approximately $4.5 billion. The Company is supported by the efforts of more than 8,500 employees worldwide.
About Knee Creations, LLC
Founded by Viscogliosi Brothers, LLC in 2007, and based in West Chester, Pennsylvania, Knee Creations, LLC operates as a provider of unique knee treatments. The Company is focused on integrating cutting-edge scientific research into first-of-a-kind surgical solutions to treat defects associated with subchondral bone marrow edema (BME). The company was funded with an angel equity round and a Series A equity round of financing, together with debt, led by Viscogliosi Brothers, LLC, Praefinium and Philadelphia Medical Investment Group, LLC.
Zimmer Safe Harbor Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 based on current expectations, estimates, forecasts and projections about the orthopaedics industry, management's beliefs and assumptions made by management. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "assumes," "guides," "targets," "forecasts," and "seeks" or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially. For a list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports. Readers of this document are cautioned not to place undue reliance on these forward-looking statements, since, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this document.
SOURCE Zimmer Holdings, Inc.
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