ANDOVER, Mass., Nov. 19 /PRNewswire-FirstCall/ -- Smith & Nephew's (NYSE: SNN) (LSE: SN) Endoscopy Division today announced the sale of its vascular business to InaVein LLC, a Boston-area investor group led by Jonathan Donaldson and Patrick Maley, longstanding members of the medical device marketplace. Terms of the sale were not disclosed.
The sale supports Endoscopy's objective to refine its product portfolio as part of Smith & Nephew's overall Earnings Improvement Program, which was announced early this year.
The vascular business includes The TRIVEX(TM) System for minimally invasive removal of varicose veins, and the Tumescent Catheter Inversion (TCI) System for the removal of the greater saphenous vein, a procedure which can prevent further varicose vein formation.
"This decision supports our strategy to increase focus on our core arthroscopy business and extend Smith & Nephew's leadership in the knee, shoulder, hip and small joint repair markets," said Mike Frazzette, president, Smith & Nephew Endoscopy. "We feel confident that the new owners of the vascular business will build upon the foundation of excellence and innovation that Smith & Nephew represents."
The TRIVEX System revolutionized varicose vein removal when it was introduced in 2000. Using a technique called transilluminated powered phlebectomy, to bring visualization to varicose vein removal. The system allows doctors to accurately target the vein using an irrigated illuminator, quickly remove it using a powered resector, and visually confirm the vein's removal.
The TCI System makes removal of the greater saphenous vein less traumatic by using a tumescent anesthesia solution, a mix of saline, a vasoconstricting agent and an analgesic, to infiltrate and irrigate the procedure area and flush the vein channel after its removal.
Smith & Nephew is a global medical technology business, specialising in Orthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The Company operates in 32 countries around the world. Annual sales in 2006 were nearly $2.8 billion.
This press release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our operating margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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Contacts: Joe Metzger
Vice President, Corporate Communications
Smith & Nephew Endoscopy
|SOURCE Smith & Nephew|
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