HealthTronics gains exclusive control of HMT's urology devices
Austin Texas, USA. Following the bankruptcy of Swiss company High Medical
Deveices (HMT), HealthTronics, Inc. has acquired all of its patents
and other intellectual property for its urological devices. The acquisition
ensures HealthTronics' exclusive ownership and control of the patents,
trademarks and manufacturing rights pertaining to the LithoDiamond and
LithoTron lithotripters and the patent-protected electrodes utilized by
these devices. The acquisition gives HealthTronics flexibility to locate
production in a cost-efficient environment and also enables market-specific
modifications to the devices that can pave the way for greater sales
opportunities in international markets.
In January 2005, HMT filed for bankruptcy in Switzerland after
HealthTronics (which then owned a minority of the economic interests in HMT)
elected to discontinue future funding of HMT's operations with the goal of
defining control of HMT's technology. Following the bankruptcy filing,
HealthTronics acquired HMT's commercial bank debt at a substantial discount
to become HMT's largest creditor. HealthTronics was able to acquire HMT's
intellectual property at a favourable price that ensures a quick return of
its invested capital and should enhance operating margins in its Medical
Device Division.
Christopher B. Schneider, President of HealthTronics' Medical Device
Division, stated, "Our physician partners and customers drove our decision
to acquire these technologies. Since January, we have seen continued strong
global demand for new LithoDiamond systems and consumable electrodes for the
existing installed base. Most importantly, our role as the leading provider
of lithotripsy services and equipment in the United States was the key to
our success in securing exclusive control of these technologies at a very
attractive cost."
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