SafeStitch Medical to Merge with TransEnterix
On August 14, SafeStitch Medical, Inc. announced it has entered into an agreement to merge with TransEnterix, Inc. According to the press release, SafeStitch is a publicly traded medical device company based in Miami, and its mission is to develop disposable medical devices to advance minimally invasive surgery for hernia repair and treatment of obesity and other gastroesophageal disorders. The press release notes that SafeStitch has received FDA approval to market the AMIDTM Hernia Fixation Device for inguinal and ventral hernia repairs.
The press release states that TransEnterix is “pioneering the use of flexible instruments and robotics to improve how minimally invasive surgery is performed.” According to its website, TransEnterix has obtained FDA and CE Mark approval for the SPIDER® Surgical System, which uses flexible articulating instruments to create triangulation via single site access. TransEnterix is based in Research Triangle Park, North Carolina.
The press release notes that according to the terms of the merger agreement, SafeStitch Medical will be the surviving entity, its shareholders will own approximately 35% of the combined company while TransEnterix holders will own approximately 65%, and the company will be headquartered in Research Triangle. According to Yahoo! Finance, the current market capitalization of SafeStitch is approximately $49.36 million.
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