Macropore Inc. IR-Pages
MacroPore Biosurgery Agrees to Sell SurgiWrap Product Line
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MacroPore Biosurgery Agrees to Sell SurgiWrap Product Line to Medicis Ventures
Management GmbH for $12 million
– Transaction allows for MacroPore to receive up to an additional $13 million –
San Diego, CA, December 16, 2003. MacroPore Biosurgery, Inc. (Frankfurt Stock
Exchange: XMP) (MacroPore) announced today it has agreed to sell the thin film
product line, which includes SurgiWrap, CardioWrap and HerniaMesh, for $12
million to privately held Medicis Ventures Management GmbH (Medicis Ventures). A
syndicate of international investors led by Medicis Ventures will establish a
privately held medical device company to further develop and market these
products internationally and in the United States. The transaction is expected
to close before January 23, 2004.
Under the terms of the agreement, MacroPore will receive an upfront payment of
$7 million at the January closing and a $5 million payment before year-end 2004,
with additional revenues from a back-up supply commitment to Medicis Ventures.
Over the next three to five years, MacroPore could receive up to $13 million or
more in additional milestone payments, royalties and revenues for collaborating
with Medicis Ventures on regulatory and distribution of SurgiWrap in Japan, the
world’s second largest market for anti-adhesion barriers. Further, MacroPore
will retain an exclusive, royalty-free license for applications of the thin film
technology for spinal surgeries and a non-exclusive, royalty-free license for
delivery of regenerative applications.
Contact:
Tom Baker, MacroPore Biosurgery, Media and U.S. Investors, Tel. +1-858-458-0900,
tbaker@macropore.com
Stefanie Bacher, MacroPore Biosurgery, European Investors, Tel. +1-858-362-0365,
sbacher@macropore.com
Dr. Kai Deusch, Medicis Ventures, Managing Director, Tel. +49-89-5447920,
kai.deusch@medicis.de
Ari E. Bizimis, Tel. +49 6174 2597-10, abizimis@atvc.de
end of ad-hoc-announcement (c)DGAP 16.12.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
“The sale of the thin film product line strengthens our balance sheet and will
allow the company to focus its efforts on our two core regenerative medicine
business units, spine & orthopedics and cardiovascular cell therapy,” said Chris
Calhoun, MacroPore’s President and Chief Executive Officer. “We believe both
business units uniquely complement each other and our company’s fundamental
strengths as both aim to discover, develop and commercialize innovative
regenerative medicine products.”
A group of international investors led by Medicis Ventures, a private equity
firm specialized on investments in the life science sector, and Ari Bizimis,
former director and chief financial officer of MacroPore, will establish the
privately held medical device company to develop and market the thin film
surgical implants. The new company will be based in Europe, and will have a
subsidiary in San Diego, CA. It will assume leased space within MacroPore’s San
Diego campus that is currently dedicated to the development and marketing of
SurgiWrap. The privately held medical device company will be co-led by Kai
Deusch, Managing Director and founder of Medicis Ventures, and Mr. Bizimis.
“There is a significant and rapidly growing market opportunity utilizing the
‘thin film technology’ of the SurgiWrap product family,” said Dr. Deusch.
“Based on our recent market experience and growing body of pre-clinical and
clinical evidence, we believe that the SurgiWrap product offers a safe,
effective and elegant solution to minimize the attachment of soft tissues after
surgery. We expect to accelerate the adoption of this technology in the
marketplace by focusing our new company’s efforts exclusively on this product
and its derivatives.”
2004 Revenue Guidance Update
As a result of the transaction, MacroPore is revising its 2004 revenue guidance
from $19 to $22 million to $17.5 to $19.5 million. Projected spine & orthopedics
implant product revenues and revenue from other sources remain unchanged at $15
to $16 million and up to $1 million respectively, while projected thin film
revenues have been lowered to $1.5 to $2.5 million, under the back-up supply
agreement.
About MacroPore Biosurgery
MacroPore Biosurgery, Inc. is a leader in the design, development, and
production of bioresorbable polymer implants for use in a variety of surgical
applications and is pioneering advancement of medicine for surgical therapies
using regenerative cells derived from a patient’s own adipose (fat) tissue. The
company’s products are designed for use in spine, neurosurgical, and
musculoskeletal surgeries and are distributed by Medtronic. MacroPore
Biosurgery is traded on the Frankfurt Stock Exchange in Germany under the symbol
‘XMP’. For further information please visit our web site www.macropore.com.
About Medicis Ventures
Medicis Ventures Management GmbH is a private equity firm specialized on
investment opportunities in the life science sector. In the past it has led or
co-led various investments in companies active in the Pharma, Biotech and
Medtech sector. Medicis Ventures has put its emphasis on providing active
managerial support in its portfolio companies. Its team consists of highly
experienced life science sector specialists and financial experts that support
the commercialization of products and the development of research approaches to
marketable products. www.medicis.de
MacroPore’s Disclaimer
This press release may include forward-looking statements regarding events and
trends which may affect MacroPore Biosurgery’s future operating results and
financial position. Such statements are subject to risks and uncertainties that
could cause MacroPore Biosurgery’s actual results and financial position to
differ materially. These risks and uncertainties are described (under the
heading “Risk Factors”) in our 2002 Annual Report which is available on our web
site. MacroPore Biosurgery assumes no responsibility to publicly release the
results of any revision of forward-looking statements to reflect events, trends
or circumstances after the date they are made.
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WKN: 940682; ISIN: USU553961025; Index: NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart
160446 Dez 03
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