Integra LifeSciences Announces Acquisition of the Pain Management Business from Physician Industries
PLAINSBORO, N.J., May 11, 2007 (PrimeNewswire via COMTEX News Network) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART) announced today that it has acquired certain assets of the pain management business of Physician Industries, Inc. for $4.0 million in cash, subject to certain adjustments.
Physician Industries, located in Salt Lake City, Utah, assembles, markets, and sells a comprehensive line of pain management products for acute and chronic pain, including customized trays for spinal, epidural, nerve block, and biopsy procedures.
Integra hired all of Physician Industries' employees and assumed the leases on its operating facilities in Salt Lake City. Integra will continue to operate the business out of Salt Lake City and sell the acquired product lines in the United States through the direct sales team and distributor network. Brian Baker, President of Physician Industries, has also agreed to join Integra to manage the business.
"Physician Industries' custom pain management business adds critical mass to Integra's existing pain management product offering sold under the Spinal Specialties brand name," said Stuart Essig Integra's President and Chief Executive Officer. "We have great respect for Brian Baker, who built the Physician Industries organization, and we look forward to joining forces with him and his exceptional organization to continue to grow the business and integrate our two pain management businesses."
Integra LifeSciences Holdings Corporation, a world leader in regenerative medicine, is dedicated to improving the quality of life for patients through the development, manufacturing, and marketing of cost-effective surgical implants and medical instruments. Our products are used primarily in neurosurgery, extremity reconstruction, orthopedics and general surgery to treat millions of patients every year. Integra's headquarters are in Plainsboro, New Jersey, and we have research and manufacturing facilities throughout the world. Please visit our website at (http://www.Integra-LS.com).
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning expectations for the strategic benefits that this acquisition will provide to Integra. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. Among other things, Integra's ability to successfully integrate the pain management business into its own operations could affect the extent of the strategic benefits that Integra generates from this acquisition. In addition, the economic, competitive, governmental, technological and other factors identified under the heading "Risk Factors" included in the Business section of Integra's Annual Report on Form 10-K for the year ended December 31, 2006 and information contained in subsequent filings with the Securities and Exchange Commission could affect actual results.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Integra LifeSciences Holdings Corp.
Integra LifeSciences Holdings Corporation
John B. Henneman, III, Executive Vice President,
Chief Administrative Officer
(609) 936-2481
jhenneman@Integra-LS.com
John Bostjancic, Vice President, Corporate Development
and Investor Relations
(609) 936-2239
jbostjancic@Integra-LS.com
(C) Copyright 2007 PrimeNewswire, Inc. All rights reserved.
News Provided by COMTEX