AngioDynamics to Acquire Vortex Medical

October 8, 2012—AngioDynamics, Inc. (Latham, NY) announced that it has entered into a definitive agreement to acquire all of the outstanding capital stock of Vortex Medical Inc. (Norwell, MA), a developer of medical devices for the removal of thrombus from occluded blood vessels.

According to the announcement, Vortex is currently commercializing the AngioVac system, which includes the AngioVac cannula and circuit. These two disposable devices, when combined with other manufacturers' filters, pumps, and return cannula, create an extracorporeal bypass circuit that facilitates drainage, filtration, and reinfusion of blood for up to 6 hours. The AngioVac cannula has a balloon-actuated, expandable, funnel-shaped distal tip that enhances flow, prevents clogging of the cannula, and facilitates en bloc removal of undesirable intravascular material. Both the AngioVac cannula and circuit have received marketing clearance from the US Food and Drug Administration. An application has been filed for CE Mark approval in Europe.

“The first time I used AngioVac, I turned to my colleagues and proclaimed, ‘This is a game-changer!'” commented Kenneth Rosenfield, MD, of Massachusetts General Hospital. Dr. Rosenfield is a member of Vortex's Scientific Advisory Board. He continued, “Since then, I have successfully used the AngioVac system in some of the most challenging cases. AngioVac is truly one of the most promising and innovative products for managing venous disease on the market today.”

Under the terms of the definitive agreement, AngioDynamics will acquire all of the outstanding capital stock of Vortex Medical for $15 million in cash at closing, plus future payments based on net sales of the AngioVac system over a period of 10 years. AngioDynamics will make a guaranteed minimum earn out payment of approximately $8 million per year for each of the first 5 years. The acquisition of Vortex Medical is expected to close by the end of October 2012, advised AngioDynamics.