Medical device developer Volcano Therapeutics has completed its acquisition of Jomed’s intravascular ultrasound (IVUS) and functional measurement businesses.
Volcano said the deal meshes well with its own Virtual Histology (VH) technology, which it is developing to enhance conventional IVUS systems. Volcano plans to integrate its VH technology into the installed base of over 1,200 Jomed/EndoSonics IVUS consoles installed worldwide.
Jomed’s 400 employees from the business will become Volcano employees, and the company will relocate its headquarters to Jomed’s former U.S. headquarters in Rancho Cordova, CA.
In June, Jomed’s coronary and peripheral interventional device product line was purchased by Abbott Laboratories of Abbott Park, IL. Jomed began selling off assets after announcing earlier this year that it had overstated revenues for its 2001 and 2002 fiscal years. The company’s CEO resigned following the revelations, and the firm was declared bankrupt by a Dutch court in May.
By AuntMinnie.com staff writersJuly 22, 2003
Related Reading
Abbott finishes Jomed deal, July 1, 2003
Jomed restates results, CEO resigns, January 14, 2003
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