SAN DIEGO, Jan. 7 Volcano Corporation(Nasdaq: VOLC), a leader in the development, manufacturing and sales ofproducts for the diagnosis and treatment of coronary and peripheral arterydisease, said today that it has closed its previously announced acquisition ofAxsun Technologies, Inc.
Axsun is a leading developer and manufacturer of lasers and opticalengines used in medical Optical Coherence Tomography (OCT) imaging systems andadvanced photonic components and subsystems used in other industrialapplications.
Under the terms of the acquisition agreement, which was announced onDecember 23, 2008, Volcano paid approximately $21.5 million in cash atclosing. Axsun will operate as a wholly-owned subsidiary of Volcano. Volcanosaid it believes Axsun's proprietary OCT technology will accelerate its OCTproduct development programs and provide the company competitive advantages inthe invasive imaging sector.
Volcano Corporation (Nasdaq: VOLC) offers a broad suite of devicesdesigned to facilitate endovascular procedures, enhance the diagnosis ofvascular and structural heart disease and guide optimal therapies. Thecompany's intravascular ultrasound (IVUS) product line includes ultrasoundconsoles that can be integrated directly into virtually any modern cath lab.Volcano IVUS offers unique features, including both single-use phased arrayand rotational IVUS imaging catheters, and advanced functionality options,such as VH(R) IVUS tissue characterization and ChromaFlo(R). Volcano alsoprovides functional measurement (FM) consoles and single-use pressure and flowguide wires and is developing a line of ultra-high resolution OpticalCoherence Tomography (OCT) systems and catheters. Currently, more than 3,700Volcano IVUS and FM systems are installed worldwide, with approximately halfof its revenues coming from outside the United States. For more information,visit the company's website at http://www.volcanocorp.com
Axsun Technologies, Inc.
Axsun Technologies, Inc., established in 1998, develops and manufacturesMEMS-based lasers and optical engines used in OCT imaging systems,micro-optical spectrometers and optical channel monitors for pharmaceutical,chemical and petrochemical and telecom network applications. Through itsexpertise in micro-optics, packaging and precision engineering, Axsun haspioneered an entirely new class of high-performance, miniaturizedspectroscopic instruments and devices enabling a dramatic shift from lab-basedmeasurements to on-line and at-line measurements, without compromisingperformance. Further information can be found at http://www.axsun.com
SOURCE Volcano Corporation