COLORADO SPRINGS, Colo., Jan. 7, 2013 (GLOBE NEWSWIRE) -- Spectranetics Corporation (Nasdaq:SPNC) today announced an agreement to purchase the assets of Upstream Peripheral Technologies, Ltd., an affiliate of ARAN Research Development & Prototypes Ltd., for up-front consideration of $5.5 million with additional milestone payments tied to revenue, manufacturing transfer, and other milestones specified in the asset purchase agreement. Included in the acquisition are unique technologies that expand Spectranetics' Vascular Intervention portfolio. The products have received U.S. Food and Drug Administration (FDA) 510(k) clearance and have been issued CE certificates. A full launch in the United States and Europe will occur in February 2013.
The Israeli-based Upstream Peripheral Technologies, Ltd products were developed to minimize radiation exposure in peripheral vascular procedures generally and decrease procedure time specifically in retrograde access procedures. The Quick-Access™ Needle Holder is an innovative, easy-to-use device that helps physicians access vessels safely and efficiently. The Quick-Cross Capture™ Guidewire Connector enables physicians to easily, reliably and safely capture and exchange guidewires in retrograde procedures. It works by utilizing a low-pressure balloon which centers the funnel-shaped device within the vessel and captures the guidewire quickly without damaging the wire or the vessel.
The Company expects to generate positive cash flow from the transaction in 2013, excluding the purchase price and related milestone payments. Consistent with past practice, the financial impact will be incorporated into the Company's guidance following sufficient commercial experience."Crossing a chronic total occlusion (CTO) using the retrograde approach can be a very tricky and time-consuming procedure," said Dr. Donald Jacobs of St. Louis University. "The Quick-Access and the Quick-Cross Capture have made this procedure more predictable and efficient." Dr. Andrej Schmidt of Park Hospital Leipzig, Germany, said, "As a busy interventionalist, I worry about constant radiation exposure. I now regularly use the needle holder when I need fluoroscopic guidance for vessel access to keep my hands as far away as possible from the radiation field. Additionally the wire catcher speeds procedure time, further reducing radiation exposure for my patients and me."
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