Horizon Medical Products Divests Ideas for Medicine

Sale of Assets to Vascutech Continues HMP's Financial Restructuring And

Refocus on Highest-Margin Products



Apr 02, 2001, 01:00 ET from Horizon Medical Products, Inc.

    ATLANTA, April 2 /PRNewswire/ -- HMP - Horizon Medical Products, Inc.
 (Amex:   HMP) today announced the sale of Ideas for Medicine, Inc. to Vascutech,
 Inc., a Burlington, Mass.-based supplier of products for the vascular surgery
 and interventional radiology markets, for $5.6 million including the
 assumption of debt.
     Marshall B. Hunt, HMP's Chairman and CEO, said the sale continues HMP's
 efforts to de-leverage its balance sheet, while freeing up funds formerly
 required to operate that business.
     "Since going public in 1998, we have sought to synergize the most
 promising technologies of the several companies that we have acquired," he
 added.  "Our Lifeport VTX(TM) Titanium Port, now on sale, is the first fruit
 of this strategy.  However, we must be equally determined to move on from
 acquisitions that don't show equal promise."
     HMP purchased vascular access ports and certain other product lines from
 IFM, St. Petersburg, Florida, in 1998, in conjunction with a four-year
 agreement with CryoLife, Inc., the Kennesaw, Ga.-based parent of IFM, to
 manufacture IFM products for Horizon.
     In October, 2000, HMP terminated the manufacturing agreement, and in
 consideration purchased IFM's remaining assets for approximately $5.9 million.
 HMP immediately began plans to divest IFM, recording a $12.1 million
 impairment charge in the 4th quarter of 2000 to write down certain assets of
 that business.
 
     ABOUT HORIZON
     Horizon Medical Products, Inc. headquartered in Atlanta, is a specialty
 medical device company focused on manufacturing and marketing vascular access
 products.  The Company's oncology product lines include implantable ports,
 tunneled central venous catheters and Stem-cell transplant catheters used
 primarily in cancer treatment protocols.  The Company has a complete line of
 acute and chronic dialysis catheters, a specialty line of embolectomy
 catheters, carotid balloon shunts, and occlusion balloon products used to
 maintain the vascular system.
     Vortex(TM) Technology, which was introduced by Horizon Medical Products in
 March 2000 and is featured in the new Lifeport VTX(TM) Titanium Port, refers
 to the swirling blood flow produced by a uniquely rounded reservoir design and
 tangential outlet, virtually eliminates thrombosis, or the buildup of sludge
 from blood and drug byproducts, in the port reservoir.  The square-cornered
 reservoirs and perpendicular outlets common to other ports promote the
 formation of sludge, flush less efficiently, and promote chaotic blood flow.
 This can, in turn, cause complications that require additional surgery.
 
     SAFE HARBOR:  Certain statements and information included herein may
 constitute "forward-looking statements" which are made pursuant to the safe
 harbor provisions of the Private Securities Litigation reform Act of 1995.
 The forward-looking statements are based on current expectations and may be
 significantly impacted by certain risks and uncertainties described herein and
 various documents filed by the Company with the US Securities and Exchange
 Commission, including but not limited to the Company's Prospectus on Form S-1
 and the Company's Annual Report on Form 10-K for the year ended December 31,
 1999.  There can be no assurance that statements made in this press release
 relating to future events will be achieved.  The Company undertakes no
 obligation to update or revise forward-looking statements to reflect changed
 assumptions, the occurrence of unanticipated events or changes to future
 operating results over time.
 
     The Company invites the investment community, including shareholders and
 analysts, to participate in a teleconference Tuesday, April 3, 2001, at 11 AM
 EST.  Further details will follow in separate advisory later today.
 
     For further information, please contact:  Fred Biddle, Member of the Firm,
 Sitrick and Company, 310-788-2850.  CORPORATE WEBSITE:
 http://www.hmpvascular.com.
 
 

SOURCE Horizon Medical Products, Inc.
    ATLANTA, April 2 /PRNewswire/ -- HMP - Horizon Medical Products, Inc.
 (Amex:   HMP) today announced the sale of Ideas for Medicine, Inc. to Vascutech,
 Inc., a Burlington, Mass.-based supplier of products for the vascular surgery
 and interventional radiology markets, for $5.6 million including the
 assumption of debt.
     Marshall B. Hunt, HMP's Chairman and CEO, said the sale continues HMP's
 efforts to de-leverage its balance sheet, while freeing up funds formerly
 required to operate that business.
     "Since going public in 1998, we have sought to synergize the most
 promising technologies of the several companies that we have acquired," he
 added.  "Our Lifeport VTX(TM) Titanium Port, now on sale, is the first fruit
 of this strategy.  However, we must be equally determined to move on from
 acquisitions that don't show equal promise."
     HMP purchased vascular access ports and certain other product lines from
 IFM, St. Petersburg, Florida, in 1998, in conjunction with a four-year
 agreement with CryoLife, Inc., the Kennesaw, Ga.-based parent of IFM, to
 manufacture IFM products for Horizon.
     In October, 2000, HMP terminated the manufacturing agreement, and in
 consideration purchased IFM's remaining assets for approximately $5.9 million.
 HMP immediately began plans to divest IFM, recording a $12.1 million
 impairment charge in the 4th quarter of 2000 to write down certain assets of
 that business.
 
     ABOUT HORIZON
     Horizon Medical Products, Inc. headquartered in Atlanta, is a specialty
 medical device company focused on manufacturing and marketing vascular access
 products.  The Company's oncology product lines include implantable ports,
 tunneled central venous catheters and Stem-cell transplant catheters used
 primarily in cancer treatment protocols.  The Company has a complete line of
 acute and chronic dialysis catheters, a specialty line of embolectomy
 catheters, carotid balloon shunts, and occlusion balloon products used to
 maintain the vascular system.
     Vortex(TM) Technology, which was introduced by Horizon Medical Products in
 March 2000 and is featured in the new Lifeport VTX(TM) Titanium Port, refers
 to the swirling blood flow produced by a uniquely rounded reservoir design and
 tangential outlet, virtually eliminates thrombosis, or the buildup of sludge
 from blood and drug byproducts, in the port reservoir.  The square-cornered
 reservoirs and perpendicular outlets common to other ports promote the
 formation of sludge, flush less efficiently, and promote chaotic blood flow.
 This can, in turn, cause complications that require additional surgery.
 
     SAFE HARBOR:  Certain statements and information included herein may
 constitute "forward-looking statements" which are made pursuant to the safe
 harbor provisions of the Private Securities Litigation reform Act of 1995.
 The forward-looking statements are based on current expectations and may be
 significantly impacted by certain risks and uncertainties described herein and
 various documents filed by the Company with the US Securities and Exchange
 Commission, including but not limited to the Company's Prospectus on Form S-1
 and the Company's Annual Report on Form 10-K for the year ended December 31,
 1999.  There can be no assurance that statements made in this press release
 relating to future events will be achieved.  The Company undertakes no
 obligation to update or revise forward-looking statements to reflect changed
 assumptions, the occurrence of unanticipated events or changes to future
 operating results over time.
 
     The Company invites the investment community, including shareholders and
 analysts, to participate in a teleconference Tuesday, April 3, 2001, at 11 AM
 EST.  Further details will follow in separate advisory later today.
 
     For further information, please contact:  Fred Biddle, Member of the Firm,
 Sitrick and Company, 310-788-2850.  CORPORATE WEBSITE:
 http://www.hmpvascular.com.
 
 SOURCE  Horizon Medical Products, Inc.