Teleflex Acquires Hotspur Technologies, Inc.
Novel Platform Based Technology Combines Multiple Functions in Single Device; Acquisition includes Portfolio of FDA 510(k) Cleared Catheters for Dialysis Access and Peripheral Angioplasty
LIMERICK, Pa.--(BUSINESS WIRE)-- Teleflex Incorporated (NYSE:TFX), a leading global provider of medical devices for critical care and surgery, today announced it has acquired privately-held Hotspur Technologies, Inc. The transaction brings to Teleflex (TFX) a unique technology designed to make procedures to open blocked blood vessels more efficient and cost-effective than current treatment options. The action is consistent with the companys strategy to invest in late-stage, innovative technology to support its future growth.
Hotspur Technologies, Inc., based in Mountain View, CA, is a leading developer of innovative, catheter-based technologies aimed at restoring blood flow for patients with obstructed vessels. Hotspur developed the VisioValve" Injection System, a novel and patented technology that is the basis for a portfolio of 510(k)-cleared multi-function catheters.
With this acquisition, Teleflex broadens and strengthens its product portfolio that addresses the estimated $1.0 billion market opportunity for dialysis access and peripheral percutaneous transluminal angioplasty (PTA) balloons worldwide, said Benson Smith, Chairman, President and CEO. We believe the multi-function catheters based on the proprietary VisioValve technology are the most innovative in the PTA balloon market and provide clear advantages over current treatment options.
The GPSCath® Balloon Dilatation Catheter, the IQCath® Balloon Dilatation Catheter, and the Keeper® Embolectomy Catheter are based on the use of the VisioValve technology:
- The GPSCathR Catheter is a specialty two-in-one device that is intended for dialysis access and peripheral vascular interventions. It allows the physician to conduct angioplasty and to inject fluid while maintaining guidewire position.
- The IQCathR Catheter is indicated for use within synthetic dialysis access grafts to remove embolic material and to dilate obstructive blockages.
- The KeeperR Catheter is intended for use with vessels in the arterial system. Another two-in-one device, it integrates an embolectomy balloon with the ability to inject physician-specified fluids while maintaining guidewire position.
All three products are FDA 510(k) cleared and have CE Marking. All three are commercially available in the United States, and Teleflex expects to begin product shipments of the GPSCath to Europe during the third quarter.
Under the terms of the agreement, Teleflex has acquired Hotspur Technologies for an upfront payment of $15 million. Teleflex may be required to make certain additional payments based upon the achievement of certain regulatory and revenue milestones over the next several years.
About Teleflex Incorporated
Teleflex is a leading global provider of specialty medical devices for a range of procedures in critical care and surgery. Our mission is to provide solutions that enable healthcare providers to improve outcomes and enhance patient and provider safety. Headquartered in Limerick, PA, Teleflex employs approximately 11,500 people worldwide and serves healthcare providers in more than 130 countries. For additional information about Teleflex please refer to http://www.teleflex.com.
About Hotspur Technologies
Founded in 2008 and located in Mountain View, California, Hotspur Technologies (www.hotspur-inc.com) is a leading developer of catheter-based technologies aimed at restoring blood flow for patients with obstructed vessels. The company's products are based on a unique technology that opens blood vessels more efficiently and less invasively. The firm's VisioValve" technology serves as a launching point to improve patient outcome and physician efficiency. Prior to the acquisition by Teleflex, Hotspur was privately held. Its investors included ONSET Ventures, Finistere Ventures, BioStar Ventures, Saratoga Ventures, Millennium Life Sciences, Incept, G-Level and Versant Ventures.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. These risks and uncertainties are identified and described in more detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Teleflex, VisioValve, IQCath, GPSCath and Keeper are trademarks or registered trademarks of Teleflex Incorporated or its affiliates.
Treasurer and Vice President, Investor Relations
Source: Teleflex IncorporatedCopyright Business Wire 2012