CINCINNATI, May 25, 2011 /PRNewswire/ -- Devicor™ Medical Products, Inc. (Devicor), a portfolio company
"We are excited to sign this agreement with Neoprobe and believe this is a significant step toward our goal of building a market leading medical device business," says Devicor CEO Tom Daulton. "We look forward to welcoming to Devicor the dedicated Neoprobe employees responsible for this growing product portfolio, as we plan to expand the business further through our global direct sales platform."
The acquisition of the neoprobe® GDS line comes less than a year after Devicor's acquisition of Ethicon Endo-Surgery's (EES) Breast Care business, Mammotome, which sells products designed to help doctors detect and diagnose breast cancer. GTCR will be investing additional equity capital in Devicor to finance a portion of the purchase price of the neoprobe® GDS assets.
"The commitment of additional equity capital by GTCR to support our growth is an excellent example of the strong partnerships GTCR forms with management teams to build successful companies in healthcare and other industries," says Jonathan Salkin, Devicor's Executive Vice President of Corporate Development & Strategy.
The Mammotome® product portfolio is sold in 50 countries around the world and includes the Mammotome® Breast Biopsy System as well as tissue markers for breast disease diagnostic sampling and management. Mammotome has distributed and marketed Neoprobe's line of gamma detection systems since 2000, as part of EES and then continuing as part of Devicor.
"We are pleased to have arrived at this important agreement for our gamma detection devices with a leader in the diagnostic device space," says Dr. Mark Pykett, Neoprobe's President and CEO. "Devicor is a trusted partner, and we believe it can ultimately deliver to Neoprobe the full value of the device business we've built. This transaction allows Neoprobe to strategically focus its expertise, competencies, and resources in the radiopharmaceutical space and, in doing so, become a pure-play specialty pharmaceutical company where attractive valuations can be realized for our shareholders."
About Devicor™ Medical Products, Inc.
Devicor, the parent corporation of Mammotome, is a fast-growing global company dedicated to acquiring and growing healthcare companies. With an initial focus on the breast cancer market, the company is dedicated to building a global business through the investment in, and development of, tools and technologies that facilitate minimally invasive medical procedures. For more information, please visit www.devicormedical.com.
Mammotome, headquartered in Sharonville, Ohio, has more than 300 employees around the globe. The company is committed to advancing technology to help clinicians accurately diagnose breast disease, such as breast cancer, through minimally invasive procedures. Sold in more than 50 countries around the world, the Mammotome® product portfolio includes the Mammotome® Breast Biopsy System and tissue markers (MammoMARK®, MicroMARK®, and CorMARK®) used in breast disease diagnostic sampling and management. Since its introduction in 1995, more than 3.4 million women have had a minimally invasive breast biopsy in stereotactic, ultrasound or MRI-guidance imaging using the Mammotome® Biopsy System. For more information, please visit www.mammotome.com.
About Neoprobe Corporation
Neoprobe is a biomedical company focused on enhancing oncology patient care and improving patient benefit. Neoprobe currently markets the neoprobe® GDS line of gamma detection systems that are widely used by cancer surgeons. In addition, Neoprobe holds significant interests in the development of related biomedical systems and radiopharmaceutical agents including Lymphoseek® and RIGScan™ CR. Neoprobe's subsidiary, Cira Biosciences, Inc., is also advancing a patient-specific cellular therapy technology platform called ACT. Neoprobe's strategy is to deliver superior growth and shareholder return by maximizing its strong position in gamma detection technologies and diversifying into new, synergistic biomedical markets through continued investment and selective acquisitions. For more information, please visit www.neoprobe.com
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the "Leaders Strategy" – finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com
SOURCE Devicor Medical Products, Inc.
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