CORPAK Announces Acquisition of the Assets of Micronix
Buffalo Grove, IL, (May 3, 2012) – CORPAK MedSystems, Inc., a leading developer, manufacturer, and marketer of medical devices for the enteral feeding and bedside-location markets, today announced a definitive agreement to acquire the intellectual property of Micronix, Pty Ltd. The acquisition of the IP and other assets related to tip-location systems developed by Micronix over the last ten years solidifies CORPAK’s position as a leader in tip-location technology.
CORPAK’s CORTRAK® Enteral Access System™ (EAS™) offers substantial clinical benefits to patients through more accurate placement of feeding tubes, reducing complications from the placement procedure and eliminating unnecessary exposure to X-rays. Additionally, a number of independent studies have demonstrated significant cost savings to health care providers using the CORTRAK EAS. With the potential for applications of the technology beyond the enteral segment, healthcare providers stand to achieve significant benefits for an increasing number of patients.
“This acquisition further strengthens CORPAK’s extensive portfolio of patents and other proprietary assets. It opens a number of additional avenues for growth beyond our core business, such as venous, arterial, respiratory, and other applications,” commented Jeffrey Blair, CEO of CORPAK.
“We are proud to continue to support CORPAK through providing equity financing for this important acquisition,” said Todd Van Horn, Vice President of Linden Capital Partners and member of CORPAK’s board of directors. “We believe the applications and markets for tip location technologies beyond the enteral segment are significant.”