ST. PAUL, Minn., April 10 /PRNewswire-FirstCall/ -- Synovis Life Technologies, Inc. , announces the completion of its acquisition of the 4Closure(TM) Surgical Fascia Closure System from Fascia Closure Systems, LLC, a privately held company based in Santa Ana, Calif. The 4Closure system is a device and operating method for closure of punctures in the fascia, a layer of connective tissue on the inner surface of the chest or abdominal wall, following laparoscopic procedures which use larger diameter operating ports or trocars. The device is authorized for sale in the United States and has a patent pending.
“We are excited about the addition of the 4Closure system to our surgical product line,” said Richard Kramp, president and chief executive officer of Synovis Life Technologies. “With this acquisition, our direct sales force has a new product to sell and another entry point to bariatric and general surgeons, as well as other surgical specialists who utilize laparoscopic techniques.” Increasingly, gastric bypass surgery for the morbidly obese is performed laparoscopically, and the use of a closure system is important to prevent post-operative hernias in these patients. Kramp added, “We will train our territory sales representatives on the 4Closure system throughout April, and introduce the product at the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) meeting in Las Vegas, April 19-22.”
The potential market in the United States for closure of defects in the fascia caused by laparoscopic entry ports is quite large, and the company will initially focus on the bariatric call point, an opportunity approaching $15 million. The 4Closure technology offers differentiating advantages over other products in this space. Specifically, it facilitates closure of the fascia in a repeatable and controlled manner which prevents both hernia formation and the painful, and sometimes cosmetically undesirable, bunching of tissue, muscle and fascia at the closure site.
“We view this as a first step in our goal to build our sales portfolio with products that are already developed, have regulatory authorization and can be sold in our current markets,” Kramp concluded. “We will continue to seek additional products or companies that complement and broaden our surgical offerings. These products will also support our plan for organic growth through expansion of our Veritas product platform by broadening our customer base and company brand.”
About Synovis Life Technologies
Synovis Life Technologies, Inc., based in St. Paul, Minn., is a diversified medical device company engaged in developing, manufacturing and bringing to market medical devices for the surgical and interventional treatment of disease. For additional information on Synovis Life Technologies and its businesses, visit the company’s Web site at http://www.synovislife.com.
Forward-looking statements contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements can be identified by words such as “should”, “could”, “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “continue”, or other similar expressions. Certain important factors that could cause results to differ materially from those anticipated by the forward-looking statements made herein include the timing of product introductions, outcomes of clinical and market trials as well as regulatory submissions, the number of certain surgical procedures performed, the ability to identify, acquire and successfully integrate suitable acquisition candidates, the cost and outcome of intellectual property litigation, and the level and timing of orders from contract manufacturing customers, as well as the other factors found in the company’s Annual Report on Form 10-K for the year ended October 31, 2006.
CONTACTS: CONTACTS: Marian Briggs / Nancy A. Johnson Richard Kramp, President and CEO (612) 455-1742 / (612) 455-1745 Brett Reynolds, CFO (651) 796-7300
Synovis Life Technologies, Inc.
CONTACT: Marian Briggs, +1-612-455-1742, or Nancy A. Johnson,+1-612-455-1745, both of Padilla Speer Beardsley Inc., for Synovis LifeTechnologies, Inc.; or Richard Kramp, President and CEO, or Brett Reynolds,CFO, both +1-651-796-7300, of Synovis Life Technologies, Inc.
Web site: http://www.synovislife.com/
