Intravenous products: “Vascular Solutions, Inc. today announced that it has acquired the assets related to the SMARTNEEDLE and pdACCESS Doppler guided needle access business from Escalon Vascular Access, Inc., a division of Escalon Medical Corporation (Nasdaq: ESMC). The SMARTNEEDLE and pdACCESS products consist of a hand-held monitor and one-time use needles designed to provide auditory ultrasound guided access to arteries and veins during catheterization procedures. The original SMARTNEEDLE product was introduced in 1992, with current annualized sales of the combined products of approximately $3.8 million.
Effective immediately, sales of the SMARTNEEDLE and pdACCESS products will transition to Vascular Solutionsâ€™ existing direct U.S. sales force. Manufacturing of the products will be transitioned to Vascular Solutionsâ€™ existing facility in Minnesota over the next four months. The acquisition price of $5.75 million consists of $5.0 million paid in cash at closing and $750,000 payable in cash upon successful completion of the transfer of the manufacturing processes.
In addition to the SMARTNEEDLE and pdACCESS products, Vascular Solutions has acquired the assets related to the new VascuView TAPTM visual ultrasound system and will pay Escalon a one-time cash earn-out payment in an amount equal to 25% of the net sales of the VascuView TAP products sold between July 1, 2010 and June 30, 2011.”
Click here for the full press release.