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Brookhaven Medical to acquire Wound ManagementOctober 15, 2013
Brookhaven Medical Inc., an Atlanta-based medical device company with interests in dialysis devices and advanced wound care, said Oct. 15 it will acquire Wound Management Technologies Inc. of Fort Worth, an emerging commercial stage company focused on the worldwide advanced wound care market.
The letter of intent, which outlines the primary terms of a merger of Wound Management into Brookhaven, has been approved by the board of directors of both companies.
The transaction is expected to close in the first half of 2014.
John Feltman, chairman and CEO of Brookhaven, said, “Wound Management is an ideal match for Brookhaven’s synergistic approach to building our leading medical technology and products, and I believe it will be an integral part of our success in ushering Brookhaven into the advanced wound care industry.”
In addition to the Wound Management acquisition, Brookhaven recently entered into an agreement in principle to acquire a medical device company specializing in dialysis access and peripheral vascular applications, and also recently completed a strategic investment in CreatiVasc Medical Inc., a private company based in Greenville, S.C., which is developing a breakthrough hemoaccess valve system for dialysis grafts. Feltman said that CreatiVasc is one of only three companies recently selected by the FDA for inclusion in Brookhaven’s Innovation Pathway Program.
Brookhaven can achieve rapid growth and significant market share, according to Feltman.
“The global market segments we serve represent a market opportunity in excess of $50 billion. It is our firm belief that Wound Management and our other planned acquisitions help position Brookhaven to capture a significant share of product sales in those targeted market segments,” he said.
Wound Management recently entered into a three-year marketing and distribution agreement for CellerateRX, a patented collagen product, with WellDyne Inc., a privately-held health services company that provides pharmacy benefit management, mail order pharmacy and specialty drug fulfillment, in addition to online access to a broad range of information on health, disease, pharmaceuticals and wellness.
“By working with Brookhaven, we have the best opportunity for our CellerateRX wound care and surgical products to achieve substantial growth and to expeditiously take our emerging resorbable bone wax technology to market,” said Robert Lutz Jr., chairman and CEO of Wound Management Technologies. - Betty Dillard