SINGAPORE, May 16, 2013 /PRNewswire/ -- Biosensors International Group, Ltd. ("Biosensors" or the "Company", Bloomberg: BIG SP; Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of innovative medical devices, announced on May 13, 2013 that it has entered into an agreement to acquire substantially all assets of Spectrum Dynamics, a leader in advanced functional assessment technologies, including those used to evaluate patients for cardiac interventions, subject to the fulfillment of certain conditions.
Founded in 2004, Spectrum Dynamics is a privately held medical imaging and clinical applications company that has developed innovative technology providing high-speed, high-resolution functional 3D images to help physicians determine the most appropriate treatment for their patients.
Used by leading medical centers around the world, Spectrum Dynamics' revolutionary D-SPECT Cardiac Imaging System lays the foundation for its next-generation cardiac clinical protocols that will provide new diagnostic information and treatment strategies to interventional cardiologists.
Spectrum Dynamics has more than 70 issued and pending patents. It is ISO-certified and its products have been approved for sale in major markets including the US, Japan, Europe and Canada. Additional approvals in other key markets are pending.
"We are very excited about becoming a part of Biosensors' growing family. The synergy created as a result of this deal will provide us with meaningful resources to better realize the potential of our business," said Prof. Shlomo Ben-Haim, Co-Founder and Chairman of Spectrum Dynamics. "The ability to accurately detect and diagnose reversible ischemia prior to catheterization has become a critical issue in the treatment of cardiovascular disease. Spectrum Dynamics' advanced imaging systems will enable doctors to more effectively determine the appropriate course of treatment for their patients. By combining the sales forces of the two companies, Biosensors can provide extensive coverage and leverage their excellent relationships with key potential customers in order to drive the use of Spectrum Dynamics' technology worldwide."
The deal consideration is approximately US$51 million, with potential earn-out payments upon fulfilling certain performance criteria. Under the terms of the deal, the two companies will also create a joint venture aimed at developing future non-cardiac applications. Biosensors expects the transaction to have minimal impact on its 2014 fiscal year financial results, with the potential to be moderately accretive to its earnings in the following fiscal year.
"Similar to Biosensors, Spectrum Dynamics is a pioneer in its field and has a proven business model, with products being used by leading medical institutions and teaching hospitals in the US, Europe and Japan. We will build on Spectrum Dynamics' initial success, as it has huge potential to expand both in new geographical locations and in various application protocols. We believe these innovative applications can offer patients more advanced treatments and, at the same time, help physicians and hospitals reduce the time and money they need to spend on making accurate diagnoses," commented Biosensors' CEO Dr. Jack Wang. "Additionally, hospitals and physicians in the emerging markets will thus be able to screen cardiac patients more expediently and serve more patients in a given time. This acquisition is in line with our strategic objective to expand our product offerings. It also reflects our commitment to continue diversifying our business as we take our company to the next level."
About Biosensors International Group, Ltd.
Biosensors International develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures. We aim to improve patients' lives through pioneering medical technology that pushes forward the boundaries of innovation.
With the increasing use of the BioMatrix™ family of drug-eluting stents and the recent launch of our Axxess™ self-expanding bifurcation drug-eluting stent, we are rapidly emerging as a leader in the global coronary stent market. The development of the BioFreedom™ drug-coated stent will further reinforce our market position.
All three stents incorporate Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with stents. Both the BioMatrix stent family and the Axxess stent feature a unique abluminal biodegradable polymer coating, which fully degrades into carbon dioxide and water after six to nine months as it releases BA9. The BioMatrix stent family features workhorse stent platforms for a broad range of lesions, and the Axxess stent employs a self-expanding stent platform specifically designed for treating bifurcation lesions. BioFreedom, a completely polymer-free stent abluminally coated with BA9, has recently received CE Mark Approval.
For more information, please visit www.biosensors.com.
About Spectrum Dynamics
Spectrum Dynamics LLC is a pioneering medical device company focused on personalized molecular imaging and applications. Spectrum Dynamics aims to revolutionize the practice of nuclear cardiology, and eventually all nuclear medicine applications, by dramatically enhancing workflow and providing new clinical applications not possible with conventional technology.
For more information, please visit www.spectrum-dynamics.com
Certain statements herein include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. All forward looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; the ability to recruit and retain quality employees as Biosensors grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and Biosensors assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
For further information, please contact:
Biosensors Investor Relations
Wong Teck Yenn
Biosensors International Group
SOURCE Biosensors International Group, Ltd.