Colorado MedTech's CIVCO Medical Instruments subsidiary has purchased Barzell-Whitmore Maroon Bells, a manufacturer of positioning and stabilizing devices used in image-guided surgery. Barzell-Whitmore's devices are used in the evaluation of colorectal disease and in the treatment of prostate cancer, with future applications in laparoscopic surgery and the treatment of benign prostate hyperplasia, according to Colorado MedTech.
Boulder, CO-based Colorado MedTech paid 127,000 shares of its stock and $2 million in cash at closing. An additional $2.2 million will be paid if certain performance standards are met. The acquisition is expected to produce annualized revenues of $2.2 million and be accretive to earnings within 12 months, according to the vendor.
February 13, 2002
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