AngioDynamics (NASDAQ: ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today announced a strategic relationship with privately-held Microsulis Medical Ltd. Microsulis is a medical device company specializing in minimally invasive, microwave ablation technology for the coagulation of soft tissue and has systems in more than 80 hospitals world-wide.
The strategic relationship includes the following key elements:
- AngioDynamics has made a $5 million equity investment in Microsulis through the purchase of senior preferred stock, representing a 14.3% ownership position,
- AngioDynamics has been granted exclusive distribution rights to market and sell the Accu2i pMTA microwave ablation system in all markets outside the United States from May 2012 through December 2013,
- AngioDynamics has been granted the exclusive option to purchase, at any time until September 22, 2013, substantially all of the global assets of Microsulis Medical Ltd., including the microwave ablation technology and its worldwide distribution rights.
“This strategic relationship reflects the commitment to investing in the future growth of our Oncology/Surgery business, and illustrates our focus on leveraging our strong Oncology/Surgery sales team,” said Joseph M. DeVivo, President and Chief Executive Officer of AngioDynamics. “We believe Microsulis’ technology is the most innovative microwave system on the market today. The addition of this breakthrough technology will solidify AngioDynamics as the clear market-leading innovator in the $250 million global tissue ablation market, with a full offering of thermal and non-thermal technologies that includes microwave, radiofrequency and the NanoKnife
System. We expect the agreement will have a modest revenue contribution in fiscal year 2013.”
“Over the past 15 years, Microsulis has developed what we believe to be the most technically advanced microwave ablation technology on the market today,” said Stuart McIntyre, Chief Executive Officer of Microsulis. “We are excited to have AngioDynamics, with its leading position in surgery and oncology, as our strategic partner and very much look forward to working with them in bringing our products to patients across the globe.”