22.10.2007 17:44:00
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CORRECTING and REPLACING Wright Medical Acquires Innovative BIO-ARCH(TM) Foot and Ankle Implant from Metasurg
The quote in the third graph should be attributed to Peter Redko (sted
Thomas Redko).
The corrected release reads:
WRIGHT MEDICAL ACQUIRES INNOVATIVE BIO-ARCH™
FOOT AND ANKLE IMPLANT FROM METASURG Addition of BIO-ARCH™ Subtalar
Implant Creates Industry-leading Portfolio for Surgical Flatfoot
Deformity Correction
Wright Medical Group, Inc. (NASDAQ: WMGI), announced today that it has
acquired certain assets of Metasurg, a Houston, Texas-based company
focused on development and marketing of surgical fixation and implant
devices for foot and ankle surgery. The purchase consists of an initial
cash payment of $2.5 million and potential additional cash payments
based upon future financial performance of the acquired assets.
Assets acquired are specific to Metasurg's BIO-ARCH™
subtalar implant, which is used in surgical treatment of flatfoot
deformity. The BIO-ARCH™ implant is
innovatively designed to provide improved patient tolerance versus
conventional implant designs and can be inserted in a fast, accurate and
minimally invasive manner. Wright will begin offering the BIO-ARCH™
products through its U.S. sales force effective immediately with
expansion into certain international markets expected during 2008.
Peter Redko, DPM, a Petaluma, California-based foot and ankle surgeon,
commented, "The flat foot is a progressive
deformity that, left untreated, can lead to debilitating pain in
addition to formation of bunions, hammertoes and plantar fascitis. The
BIO-ARCH™ implant is designed to allow for a
minimally invasive procedure that corrects the flat foot deformity. In
my experience, the advanced anatomic design of the BIO-ARCH™
implant allows for the greatest ease of insertion, excellent
stability, early return to ambulation, and is well tolerated by patients
requiring little to no post-operative analgesia.” "Wright’s vision
is to become the ‘one-stop-shop’
for foot and ankle surgeons’ surgical needs,
and providing comprehensive suites of products around specific
pathologies is central to achieving this goal,”
stated John T. Treace, Vice President of Marketing for Wright’s
biologic and extremity products. "The BIO-ARCH™
implant is a key addition to Wright’s already
robust surgical suite for foot and ankle procedures, which includes
CANCELLO-PURE™ Bone Wedges, A.M. Surgical's
Endoscopic Soft Tissue Release System, and DARCO®
Locked Reconstructive Plates. These products can be used in concert with
each other during foot and ankle procedures and our intention is to
enhance procedure reproducibility, reduce procedure time and ultimately
improve patient outcomes.”
This acquisition is expected to be approximately one cent dilutive to
Wright’s adjusted earnings, which exclude
acquisition-related costs such as integration charges and non-cash
inventory step-up expenses, during the fourth quarter of 2007 and
neutral or accretive to Wright’s earnings
thereafter. More detailed guidance regarding the financial aspects of
the transaction and its expected impact on Wright’s
future financial results will be provided in connection with the Company’s
announcement of its third quarter 2007 financial results on November 1,
2007.
About Wright Medical Group
Wright Medical Group, Inc. is a global orthopaedic medical device
company specializing in the design, manufacture and marketing of
reconstructive joint devices and biologics. The Company has been in
business for more than 50 years and markets its products in over 60
countries worldwide.
Safe-Harbor Statement This press release may contain "forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All
statements made in this press release, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements reflect management’s current
knowledge, assumptions, beliefs, estimates, and expectations and express
management’s current views of future
performance, results, and trends. The Company wishes to
caution readers that actual results might differ materially from those
described in the forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, including
the factors discussed in the Company’s
filings with the Securities and Exchange Commission (including the
Company’s annual report on Form 10-K for the
year ended December 31, 2006 under the heading, "Factors
Affecting Future Operating Results,” and in
its quarterly reports), which could cause the Company’s
actual results to materially differ from those described in the
forward-looking statements. Although the Company believes
that the forward-looking statements are accurate, there can be no
assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a
representation by the Company that the results described therein will be
achieved. The Company wishes to caution readers not to
place undue reliance on any forward-looking statement. The
forward-looking statements are made as of the date of this press
release. The Company assumes no obligation to update any forward-looking
statement after this date.
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