ATLANTA, and IRVINE, Calif., May 17, 2011 /PRNewswire/ —
CryoLife, Inc. (NYSE:
CRY), an implantable biological medical device and
cardiovascular tissue processing company, today announced that it
has successfully completed its acquisition of Cardiogenesis
Corporation (“Cardiogenesis”).
The acquisition of Cardiogenesis adds to the company’s portfolio
a leading surgical product used in the treatment of diffuse
coronary artery disease and severe angina. Cardiogenesis had
sales of approximately $11 million in 2010 and approximately $3.1
million in the first quarter of 2011.
Cardiogenesis’ market leading YAG laser system and single use,
fiber-optic delivery systems are FDA approved for performing a
surgical procedure known as Transmyocardial Revascularization
(TMR), which treats patients with angina that is not responsive to
standard medications. Patients undergoing TMR treatment with
Cardiogenesis products have been shown to have angina improvement,
longer event-free survival, reduction in cardiac related
hospitalizations, and increased exercise tolerance. The
current market potential for TMR surgical procedures in the U.S. is
estimated to be greater than $175 million. CryoLife believes
that the delivery of biologic materials, such as stem cells, in
conjunction with TMR could increase the estimated U.S. market
potential to greater than $700 million.
Cardiogenesis has also developed the PHOENIX™ Combination
Delivery System, which is designed to combine the intramyocardial
delivery of biologic materials with TMR. The synergy of
injecting biologics, such as stem cells or growth factors, with TMR
may provide greater angina reduction, improve cardiac function and
enhance quality of life in patients with diffuse disease who are
not candidates for surgical bypass or intervention. The
PHOENIX System has received a CE Mark and CryoL
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