6 January 2014
Ellex Completes Acquisition of Canaloplasty Business
Adelaide, Australia, 6 January 2014 – Ellex Medical Lasers Limited (ASX:ELX), a pioneer in medical technologies for the diagnosis and treatment of eye disease, today announced that, pursuant to the binding agreement it entered into on 18 December 2013, it has acquired the canaloplasty business of US-based iScience Interventional, Inc., which comprises the world-leading iTRACK™ 250 catheter and suture device. According to Ellex CEO, Tom Spurling: “This acquisition is very exciting. The new canaloplasty business will augment our capital equipment sales business with a recurring consumable revenue stream. It will also allow us to provide our customers with a minimally invasive product offering for the treatment of mild-moderate glaucoma. We intend to support and grow this new product line.” “Combined with our SLT laser product portfolio, which targets the early stage of glaucoma, iTrack™ will enable Ellex to cement its position as the global leader in early to moderate glaucoma treatment intervention,” added Mr. Spurling. On 31 December 2013 (California time) Ellex paid US$1.5 million in exchange for iScience Interventional’s canaloplasty business, including accounts receivable (approximately US$0.5m) and inventory (approximately US$0.5m). It also covers manufacturing machinery and equipment and intellectual property. Consideration for the purchase also includes an earn-out over several years based on a percentage of business revenues. Ellex has retained 6 permanent staff plus a small transition team, who will all commence with for Ellex on 6 January 2014. The business will continue to operate from Menlo Park, California.
Further details are provided in the accompanying presentation.
ABOUT ELLEX Ellex Medical Lasers Limited (ASX:ELX) is a is a pioneer in the development of medical technologies for the diagnosis and treatment of eye disease. With more than 20,000 systems delivered to the market, Ellex has evolved since 1985 from a manufacturing company of primarily OEM products, to direct marketing of its own branded products through subsidiaries in the United States, Japan, Germany and Australia, and a network of distribution partners in more than 100 countries. In recent years, Ellex has diversified its product range beyond lasers and ultrasound equipment to include distribution of a number of complementary third-party ophthalmic products. For additional information about Ellex and its products, please visit www.ellex.com For further information on Ellex, please contact:
|Tom Spurling, CEO||Victor Previn, Chairman|
|Ellex Medical Lasers Limited||Ellex Medical Lasers Limited|
|82 Gilbert Street, Adelaide, SA, 5000||82 Gilbert Street, Adelaide, SA, 5000|
|W +61 8 8104 5293 | M +61 417 818 658||W +61 8 8104 5200 | M +61 414 661 994|
For media enquiries, please contact:
|Kate Hunt, Corporate Communications Manager|
|Ellex Medical Lasers Limited|
|82 Gilbert Street, Adelaide, SA, 5000|
|W +61 8 8104 5214 | M +61 404 080 679|