The company expects fiscal 2021 acquisition-related costs and acquired intangible asset amortization expense to range from a total of $0.10 to $0.12 per share. The acquisition will be dilutive on a GAAP and non-GAAP basis in Surmodics’ fiscal 2021 and is expected to be accretive on a non-GAAP basis, excluding acquired intangible asset amortization expense, beginning the second half of fiscal 2023. The upfront payment was funded using cash on hand and $10 million from Surmodics’ $25 million revolving credit facility. ![]() Additional payments of up to $7 million, $3.5 million of which are guaranteed, may be made upon achievement of certain product development and regulatory milestones. Under the terms of the acquisition agreement, Surmodics acquire d Vetex with an upfront payment of $39.9 million. “The ease of use, intuitive design and efficient performance of this device enables it to become the first-line treatment and a confident choice by venous interventionalists.” “The ReVene Thrombectomy Catheter has the potential to significantly expand the use and accessibility of venous mechanical thrombectomy by allowing physicians to intervene early and complete the procedure in a single session,” said Stephen Black, principal investigator and leading enroller of the VETEX feasibility study and Consultant Vascular Surgeon at Guy’s and St. The synergies between the Vetex technology and their talented team, with our capabilities on our Pounce thrombectomy technology enables us to accelerate our thrombectomy platform development for the future treatment of pulmonary embolism (PE).” “Surmodics is now well positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis. “This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies,” said Gary Maharaj, President and Chief Executive Officer of Surmodics. The device’s dual action technology efficiently removes mixed-morphology clot in a single session, minimizing the need for thrombolytics and without capital equipment. The ReVene mechanical thrombectomy catheter is specifically designed to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE). Food and Drug Administration (FDA) 510(k) -cleared device, the ReVene™ Thrombectomy Catheter. The transaction expands Surmodics’ thrombectomy portfolio with a second U.S. ![]() The Galway, Ireland based medical device developer and manufacturer has focused exclusively on venous clot removal solutions. (NASDAQ: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the health care industry, announced today that it has acquired privately held Vetex Medical Limited. Positions Surmodics with two FDA-cleared mechanical thrombectomy devices to treat arterial and venous vasculature and IP for potential indication expansionĮDEN PRAIRIE, Minn.-(BUSINESS WIRE) -July 6, 2021- Surmodics, Inc.
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