SafeStitch Medical to Merge with TransEnterix
| Printer friendly version
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.
Related
Allyson Brown
Allyson Brown is an associate in our Orange County office. She specializes in intellectual property law, with an emphasis on patent prosecution and litigation related to medical devices and biotechnology. During law school, she served as an Articles Editor for the Vanderbilt Journal of Entertainment and Technology Law.
Click here to read full bio View all posts published by Allyson Brown »
By using this blog, you agree and understand that no information is being provided in the context of any attorney-client relationship. You further agree and understand that nothing herein is intended to be legal advice. This blog is solely informational in nature, and is not intended as, and should not be used as, a substitute for competent legal advice from a retained and licensed attorney in your state. Knobbe Martens LLP makes no representations or warranties as to the accuracy, completeness, timeliness or availability of the information in this blog. Knobbe Martens LLP will not be liable for any injury or damages relating to your use of, or access to, any such information. Knobbe Martens LLP undertakes no obligation to correct or update information on this blog, which may be incorrect or become incorrect or out of date over time. Knobbe Martens LLP reserves the right to alter or delete content or information on the blog at any time. This blog contains links and references to other websites and publications that you may find of interest. Knobbe Martens LLP does not control, promote, endorse or otherwise have any affiliation with any other websites or publications unless those websites or publications expressly state such an affiliation. Knobbe Martens LLP further has no responsibility for, and makes no representations regarding, the content, accuracy or any other aspect of the information in such websites or publications.
Share