Corporate News Blog - MedShape Divests its ExoShape(R) ACL Product Line to CONMED
Research Desk Line-up: Aethlon Medical Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 7, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for CONMED Corp. (NASDAQ: CNMD), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CNMD. Atlanta, Georgia-based orthopedic device Company, MedShape, Inc., announced on July 05, 2017, that it has signed an agreement to divest its ExoShape® ACL Fixation System to CONMED Corp. The deal was already closed on July 03, 2017, and includes the ExoShape FEMORAL and TIBIAL Soft Tissue Fasteners. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Both the soft tissue fasteners are used to fixate soft tissue grafts in anterior cruciate ligament (ACL) reconstruction surgery. The ACL is one of the four main ligaments within the knee that connect the femur to the tibia. It runs diagonally in the middle of the knee and prevents the tibia from sliding out in front of the femur, as well as provides rotational stability to the knee.
Both Companies did not share the financial and other details of the transaction.
Commenting on the divestment to CONMED, Kurt Jacobus, MedShape's CEO, said:
"The ExoShape System has represented a valuable portion of MedShape's business since 2011, and this acquisition further demonstrates the success of the development and commercialization efforts invested in the product. While we will certainly miss serving our patients, doctors, and distributors with this product line, we look forward to focusing our efforts towards growing our core foot and ankle business with new investments."
About the ExoShape® ACL Fixation System
The ExoShape ACL Fixation System utilizes MedShape's PEEK Altera biomedical polymer to provide simple and secure tibial fixation of soft tissue grafts during ACL reconstruction procedures. The system received US FDA clearance in November 2010. The ExoShape® ACL Fixation System is the first all-PEEK system to offer a non-rotational deployment and interference fixation approach for ACL reconstruction. The ExoShape fasteners are very easy to deliver as they have a low-profile shape for easy insertion. Once they are inserted, they fully expand and deploy immediately which leads to effectively compress and secure the soft tissue graft inside the bone tunnel.
About MedShape
MedShape is a privately held Company and was founded in 2005 by a small group of engineers and surgeons. Within a small span of time, MedShape has evolved into a leading manufacturer of orthopedic devices that utilize advanced material technologies. The Company is working to develop and commercialize a portfolio of surgical solutions for foot and ankle and trauma surgeons that use its patented advanced material technologies.
About CONMED Corp.
Headquartered in Utica, New York, CONMED was founded in 1970 by Eugene Corosanti. It is a medical technology Company that provides surgical devices and equipment for minimally invasive procedures. It is a leader in Orthopedics, General Surgery, Gynecology, Gastroenterology, Laparoscopy, Cardiology, and Critical Care market, and the Company's products are used by surgeons and physicians in these specialties. CONMED has footprints in across 17 countries and 50% of the Company's total sales are from international sales. CONMED is supported by a team of over 3,300 people.
Last Close Stock Review
CONMED's share price finished yesterday's trading session at $50.43, marginally up 0.50%. A total volume of 115.92 thousand shares has exchanged hands. The Company's stock price surged 15.16% in the last three months, 11.32% in the past six months, and 4.95% in the previous twelve months. Additionally, the stock rallied 14.17% since the start of the year. Shares of the Company have a PE ratio of 114.10 and have a dividend yield of 1.59%. The stock currently has a market cap of $1.41 billion.
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