AngioDynamics has announced that it has completed the acquisition of Vortex Medical, a privately-held company focused on the development of innovative medical devices for venous drainage and the removal of thrombus from occluded blood vessels.
“Blood clots affect more than a million patients every year, and today we acquired a highly differentiated technology that has the potential to revolutionise how treatment is provided,” said Joseph M DeVivo, president and CEO of AngioDynamics. “The acquisition of Vortex affirms the strategy we laid out at the beginning of the year, which includes focusing our investments on innovative products that offer the potential for profitable, sustainable growth. We anticipate the transaction will be accretive to GAAP EPS in the first half of fiscal 2014. Furthermore, the acquisition is expected to add approximately US$10 million in sales and US$5 million in adjusted EBITDA during fiscal 2014, and achieve US$50 million in annual sales within five years.”
Vortex is currently commercialising the AngioVac venous drainage system, which includes the AngioVac Cannula and Circuit.
The AngioVac Cannula has a proprietary balloon-actuated, expandable, funnel-shaped distal tip that enhances flow, prevents clogging of the cannula and facilitates en bloc, or whole removal of undesirable intravascular material. Both the AngioVac Cannula and Circuit are FDA-cleared for use during extracorporeal bypass for up to six hours, and an application has been filed for CE mark approval.