SAN DIEGO, Aug. 26, 2013 /PRNewswire/ -- Volcano Corporation (Nasdaq: VOLC), a leading developer and manufacturer of precision guided therapy tools designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, said today it has signed an agreement to acquire the Pioneer Plus™ diagnostic ultrasound transducer and percutaneous catheter from Medtronic, Inc. (NYSE: MDT). The transaction is structured as an asset purchase and is expected to close by the end of August, subject to customary closing conditions.
The Pioneer Plus "re-entry" catheter, which has regulatory clearance in the U.S and Europe as well as other geographies, is an interventional medical device designed to enable the crossing of sub-total, total and chronic total occlusions (CTOs) within the peripheral vasculature, potentially eliminating the need for surgery. Volcano's IVUS (Intravascular Ultrasound) technology is used to direct the guidewire past stenotic lesions prior to additional interventions, such as balloon angioplasty or stent placement by providing a cross-sectional ultrasound image of the area of interest.
"We have been providing our IVUS technology in combination with the Pioneer Plus for many years," said Scott Huennekens, president and chief executive officer. "Being able to now offer this device within Volcano's already broad portfolio of products will serve our strategy of increasing our presence in the diagnosis and treatment of peripheral arterial disease (PAD). It also furthers our continued evolution from purely a diagnostic company to one that offers a wide range of diagnostic and therapeutic devices."
"With the completion of this transaction, the Pioneer Plus device will represent a further expansion of our peripheral therapeutics product line. At the end of 2012, we acquired the Crux Vena Cava Filter (VCF) System, a highly differentiated inferior vena cava (IVC) filter. We are readying a full market launch for the Crux device in the first half of 2014, while continuing our development program to combine our IVUS technology with the Crux VCF System."