Teleflex Acquires Innovative Technology to Reduce Biological Formation on Medical Devices
LIMERICK, Pa.--(BUSINESS WIRE)--Jun 25, 2012-- Teleflex Incorporated (NYSE:TFX), a leading global provider of medical devices for critical care and surgery, announced it has acquired Semprus BioSciences (Cambridge, Massachusetts), a biomedical company and spin out from Massachusetts Institute of Technology (MIT). The acquisition includes the core Semprus Sustain(TM) Technology. The transaction brings to Teleflex an innovative and patented platform technology that serves as the basis for next-generation medical devices. The technology is designed to provide the benefits of reducing complications such as thrombosis and microbial adhesion over long durations.
Sustain(TM) is a long-lasting, covalently bonded, non-leaching polymer that is designed to reduce the attachment of platelets and blood proteins at the device surface.
Sustain(TM) has been shown to reduce thrombus accumulation in in vitro testing after multi-month exposure to blood and through in vivo animal testing. The technology characteristics mimic the chemical properties of endothelial cell membrane, reducing the foreign body response to an implanted device.
"This acquisition illustrates our commitment to invest in late-stage, innovative technologies to support our future growth," said Benson Smith, Chairman, President and CEO. "We believe Semprus' novel technology provides distinct advantages over other surface and coating technologies currently on the market with its dual-functionality, ability to work in blood products, and long-term duration.
Furthermore, we are excited about the potential for a broad array of our products with this technology to reduce infection-and thrombus-related complications for patients, as well as the resulting substantial healthcare costs which often arise when medical devices are implanted in the body. Finally, with the recently 510(k) cleared antithrombogenic claims on our existing ARROW PICC with Chlorag+ard technology, which is a chlorhexidine-based coating, we feel Semprus' Sustain(TM) technology provides us a tremendous next generation platform for continued innovation." "The combination of Teleflex and Semprus BioSciences is an excellent opportunity to capitalize on the strengths of both organizations," stated David Lucchino, Semprus BioSciences co-founder and VP, Semprus Techology. "We look forward to being a catalyst for continued growth through the development and rollout of the Sustain(TM) technology on medical devices around the world." The initial focus for the technology is its use in vascular device applications, and a Semprus Sustain(TM) coated Peripherally Inserted Central Catheter (PICC) is currently pending 510(k) clearance from the Food and Drug Administration (FDA). Sustain(TM) is also pending CE Mark approval in Europe.
Under the terms of the agreement, Teleflex has acquired Semprus BioSciences for an upfront payment of $30 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 Semprus BioSciences Semprus BioSciences, (www.semprusbio.com), a biomedical company located in Cambridge, MA, is a wholly owned subsidiary of Teleflex Incorporated. The history of Semprus BioSciences' journey from business concept to major acquisition in five years is a tribute to David Lucchino, his co-founder Dr. Christopher Loose, and the company's investors. As graduate students at MIT in 2006, Lucchino and Loose developed a business plan that took first place in the MIT $100K Entrepreneurship Competition.
In 2007, Lucchino and Loose incorporated their start-up company as Semprus BioSciences. In December 2010, the company completed an $18 million Series B financing co-led by SR One, the corporate venture capital arm of GlaxoSmithKline, and Foundation Medical Partners (FMP), a national healthcare venture capital investment firm with a strategic relationship with Cleveland Clinic. Combined with their Series A round - financed by 5AM Ventures and Pangaea Ventures - Semprus raised nearly $30 million in equity prior to being acquired by Teleflex Incorporated.
Forward-Looking Statements 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, Semprus and Sustain are trademarks or registered trademarks of Teleflex Incorporated or its affiliates. All rights reserved.
CONTACT: Teleflex Incorporated Jake Elguicze Treasurer and Vice President of Investor Relations 610-948-2836 KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS PENNSYLVANIA INDUSTRY KEYWORD: SURGERY HEALTH BIOTECHNOLOGY MEDICAL DEVICES FDA SOURCE: Teleflex Incorporated Copyright Business Wire 2012 PUB: 06/25/2012 07:00 AM/DISC: 06/25/2012 07:00 AM http://www.businesswire.com/news/home/20120625005375/