CORPAK Announces Acquisition of the Assets of Micronix
MAY 2, 2012 - 08:28 ET
BUFFALO GROVE, IL--(Marketwire - May 2, 2012) - CORPAK MedSystems, Inc., a leading developer, manufacturer, and marketer of medical devices for the enteral feeding and bedside-location markets, today announced a definitive agreement to acquire the intellectual property of Micronix, Pty Ltd. The acquisition of the IP and other assets related to tip-location systems developed by Micronix over the last ten years solidifies CORPAK's position as a leader in tip-location technology.
CORPAK's CORTRAK® Enteral Access System™ (EAS™) offers substantial clinical benefits to patients through more accurate placement of feeding tubes, reducing complications from the placement procedure and eliminating unnecessary exposure to X-rays. Additionally, a number of independent studies have demonstrated significant cost savings to health care providers using the CORTRAK EAS. With the potential for applications of the technology beyond the enteral space, healthcare providers stand to achieve significant benefits for an increasing number of patients.
"This acquisition further strengthens CORPAK's extensive portfolio of patents and other proprietary assets. It opens a number of additional avenues for growth beyond our core business, such as venous, arterial, respiratory, and other applications," commented Jeffrey Blair, CEO of CORPAK.
"We are proud to continue to support CORPAK through providing equity financing for this important acquisition," said Todd Van Horn, Vice President of Linden Capital Partners and member of CORPAK's board of directors. "We believe the applications and markets for tip location technologies beyond the enteral space are significant."
About CORPAK MedSystems, Inc. (www.corpakmedsystems.com)
CORPAK MedSystems, Inc. is a leading developer, manufacturer, and marketer of innovative medical devices focused on the enteral-feeding and bedside-location markets, including the company's flagship CORTRAK computer-guided system that enables real-time visualization of the feeding-tube tip during placement. The company has established the leading market position in premium branded, adult, long-term nasogastric feeding tubes and offers a broad portfolio of other high-quality enteral products, including gastrostomy feeding tubes, gastric-pressure relief devices, and enteral-feeding safety devices. Founded in 1979, CORPAK was acquired by Linden Capital Partners in August 2008 from Cardinal Health. The company has recently moved to a new state-of-the-art facility just north of Chicago in Buffalo Grove, Illinois.
About Linden Capital Partners (www.lindenllc.com)
Linden is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life science industries. Linden's strategy is based upon three elements: i) healthcare and life science industry specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden's portfolio includes Behavioral Centers of America, CORPAK MedSystems, Drayer Physical Therapy Institute, HYCOR Biomedical, Strata Pathology Services, and SeraCare Life Sciences.
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