ADVANCED INTERVENTIONAL SYSTEMS COMPLETES ACQUISITION OF POLYMICRO TECHNOLOGIES INC.
ADVANCED INTERVENTIONAL SYSTEMS COMPLETES ACQUISITION
OF POLYMICRO TECHNOLOGIES INC.
IRVINE, Calif., July 15 /PRNewswire/ -- Advanced Interventional Systems (NASDAQ: LAIS) today announced that it has completed the acquisition of Phoenix-based Polymicro Technologies Inc. (PTI), a supplier of high performance tubing, fibers and related products used primarily in the laser angioplasty and gas chromatography and separations markets. Advanced Interventional Systems uses the fiber optic products manufactured by PTI in its DYMER(R) 200+ excimer laser angioplasty system recently approved by the federal Food and Drug Administration for the treatment of heart disease.
Richard B. Crosby, LAIS' chief financial officer, said LAIS acquired the stock of PTI for approximately $1.8 million in cash and 400,000 shares of LAIS stock.
PTI has a history of profitability with revenues of approximately $6.8 million in its fiscal year ended July 31, 1991 and net income after taxes of $240,000.
Crosby said, "As a result of the historical profitability of PTI, the acquisition will be non-dilutive to existing LAIS shareholders. We expect PTI to continue to be operated in a profitable fashion while reducing the cost of fiber optics used in the production of LAIS fiber optic catheters as LAIS' volume of catheter products increases. In fiscal year ended July 31, 1991, LAIS represented 14 percent of Polymicro's revenues."
According to Crosby, in addition to producing medical fiber used in angioplasty, PTI is also one of the few remaining independent companies providing tubing to the gas chromatography market. Following the acquisition, PTI will operate as an independent subsidiary of LAIS and will continue to provide products to the gas chromatography and separations markets. Two of PTI's founders will remain with the company, Eugene Maule as president and Gary Nelson as technical vice president.
"PTI has a long history of innovation with its chromatography and separations customers and will remain committed to the ongoing supply of its customers with innovative products to help grow these markets," Crosby said.
According to Crosby, the merger will provide both companies the opportunity to improve manufacturing efficiencies and to combine their technical expertise to develop future products for gas chromatography and separation as well as new products for LAIS' excimer laser angioplasty catheters.
Advanced Interventional Systems pioneered excimer laser angioplasty and is the technological leader in the development of laser systems for cardiovascular applications. The company was founded in 1986. In November 1991, Advanced Interventional Systems completed its initial public offering and on Jan. 31, 1992, it received the first and only approval to date from the FDA to market the first laser system designed to treat heart disease.
/CONTACT: Richard B. Crosby, CFO of Advanced Interventional Systems, 714-586-1342/
(LAIS) CO: Advanced Interventional Systems; Polymicro Technologies Inc. ST: California, Arizona IN: MTC SU: TNM KJ-CH -- LA018 -- 9567 07/15/92 12:55 EDT