Galil Medical to pay nearly $11m for Perseon

Galil Medical agreed to pay $10.6 million to acquire Perseon Medical Corp. (NSDQ:PRSN) and its MicroThermX microwave ablation device. The deal calls for Arden Hills, Minn., and Yokneam, Isrel-based Galil to pay $1 per share plus 2¢ per warrant for Perseon, formerly known as BSD Medical. “We believe this transaction propels us to a market leadership position in minimally invasive treatment of cancerous and non-cancerous tumors, with a broadened product offering that delivers both ‘hot and cold’ ablation solutions for our growing base of interventional radiologists,” Galil Medical president & CEO Martin Emerson said in prepared remarks. “We see tremendous opportunity to scale sales of both Perseon’s microwave and our cryotherapy ablation solutions, both of which represent high growth, high margin opportunities attacking a large and growing global market for tumor ablation.” “We believe Galil Medical is the ideal partner to allow Perseon to continue our efforts to build awareness and increase sales of MicroThermX, which is a companion technology to cryotherapy ablation and is used by the same interventional radiologists, streamlining our sales efforts. Our companies are also closely aligned in our commitment to investing in robust product development pipelines and clinical research activities to stay at the forefront of ablation technology,” added Perseon president & CEO Clint Carnell. “Marty and his team...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Mergers & Acquisitions Oncology Galil Medical Perseon Source Type: news