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InvestSource, Inc.: CLX Medical Discusses Acquisition of ThyroTest
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:26092008
Stocks in the News: CLX Medical, Inc. (OTCBB: CLXN), Medtronic, Inc.
(NYSE: MDT), Boston Scientific Corporation (NYSE: BSX), Becton,
Dickinson and Company (NYSE: BDX)
Sep 25, 2008 -- CLX Medical, Inc. (OTCBB: CLXN) CEO Vera Leonard today
commented on the opportunities presented by the acquisition of
ThyroTest(R), a rapid thyroid stimulating hormone (TSH) screening
device used for the detection of hypothyroidism in adults, a common
thyroid disease. CLX Medical, which is focused on the marketing and
distribution of unique medical diagnostic testing products, has entered
into a definitive agreement to acquire ThyroTest(R) and is seeking to
close the acquisition as soon as possible. ThyroTest(R) is FDA cleared
and has also achieved CLIA waived status, so the test can be
administered in the more than 100,000 CLIA waived doctors' offices in
the U.S., as well as in any non-waived laboratory. Regarding the
acquisition of ThyroTest(R), Ms. Leonard stated, "The ThyroTest(R)
product offers a unique opportunity. Its success will be realized
through establishing the concept of in-office testing for
hypothyroidism. Getting practicing physicians to incorporate a new test
into their office routine requires intense, focused effort. Often,
large companies, particularly those that operate in multiple markets,
manage multiple sales forces and must move quickly to make strategic
acquisitions, find that the return-on-investment from building a new
opportunity from the ground up is not as attractive as that offered by
an accretive acquisition. A single product, even one with the potential
of ThyroTest(R), can get lost in this environment. Having impact on the
way a doctor manages a disease state requires exquisite focus. We
believe that as a small company CLX Medical can, and will, give
ThyroTest(R) the focused support it needs in order to capture this
largely unrecognized and untapped market opportunity."
Sep 25, 2008 -- Medtronic, Inc. (NYSE: MDT) and CryoCath Technologies
Inc. today announced they have entered into an agreement whereby
Medtronic, through a wholly owned subsidiary, will make a takeover bid
for all of the outstanding shares of CryoCath for $8.75 Cdn per share
in cash, representing a total equity value of approximately $400
million Cdn ($380 million USD). The CryoCath board of directors has
unanimously recommended that CryoCath shareholders accept the offer,
and the acquisition is expected to close in the fourth quarter of
calendar 2008. "Medtronic estimates that up to five million patients
worldwide are impacted by atrial fibrillation," said Pat Mackin,
president of the Cardiac Rhythm Disease Management business and senior
vice president at Medtronic. "Medtronic and physicians are interested
in procedures that are safer, faster and less complex so that more
patients can benefit from treatment." The agreement was entered into
following the completion of due diligence and negotiation during an
exclusivity period and provides for, among other things, a
non-solicitation covenant on the part of CryoCath, subject to
"fiduciary out," superior proposal and right-to-match provisions and
the payment of a $13.6 million break-up fee in certain circumstances.
Medtronic's offer to purchase is subject to the tender of at least 66
2/3 percent of CryoCath's outstanding common shares on a fully diluted
basis. The closing of the transaction is also subject to regulatory
clearance and other customary conditions.
Sep 25, 2008 -- Boston Scientific Corporation (NYSE: BSX) today
announced that it has received approval from the U.S. Food and Drug
Administration to market its TAXUS Express2(TM) Atom(TM)
Paclitaxel-Eluting Coronary Stent System. The TAXUS Express Atom Stent
is a highly deliverable drug-eluting stent specifically designed for
treating small coronary vessels. It is the only DES approved by the FDA
for use in vessels as small as 2.25 mm in diameter. No other DES for
sale in the U.S. market is approved for use in vessels smaller than
2.50 mm in diameter. The Company plans to launch the product
immediately. The Company today also announced FDA approval of its TAXUS
Express2(TM) Paclitaxel-Eluting Coronary Stent System for the treatment
of in-stent restenosis in bare-metal stents. This is the first such
approval granted by the FDA, making the TAXUS Express2 Stent System the
only drug-eluting stent approved in the United States for the treatment
of in-stent restenosis in bare-metal stents. "The TAXUS Express Atom
Stent will provide better options for U.S. patients with coronary
artery disease in small vessels," said Gregg Stone, M.D., Chairman of
the Cardiovascular Research Foundation and Professor of Medicine at
Columbia University Medical Center, and Principal Investigator of the
TAXUS IV and V clinical trials. "This is a welcome addition to the
range of available drug-eluting stents, since patients with small
vessels who are currently treated with bare-metal stents experience
high rates of restenosis. In the TAXUS V clinical trial, the TAXUS
Express Atom Stent significantly reduced the chance of restenosis and
the need for repeat procedures compared to bare-metal stents, in
patients with small vessel disease."
Sep 25, 2008 -- The Clinton Global Initiative recognized Becton,
Dickinson and Company (NYSE: BDX), a leading global medical technology
company, for its commitment to the Dikembe Mutombo Foundation to
enhance immune system monitoring and healthcare worker safety at the
Biamba Marie Mutombo Hospital (BMMH) and Research Center in the
Democratic Republic of the Congo. "Under-resourced healthcare systems
in Sub-Saharan Africa face fundamental challenges in addressing HIV, TB
and other primary causes of mortality," said Gary Cohen, BD Executive
Vice President. "BD is pleased to partner with Dikembe Mutombo and his
foundation to support their remarkable work in strengthening the
healthcare system in the Democratic Republic of the Congo." BD and DMF
-- founded by NBA star Dikembe Mutombo -- are joining forces to develop
a Center of Excellence in Immune System Monitoring and Occupational
Health that will focus on healthcare delivery, research, education and
training at the medical center in Kinshasa. To help ensure the safety
of healthcare workers at the facility, DMF will develop a Department of
Occupational Health and a Regional Training Center at the BMMH. BD, in
collaboration with the University of Virginia, will help implement the
Exposure Prevention Information Network surveillance system to monitor
occupational injuries at BMMH. BD will also provide a range of safe
injection and safe blood collection devices as well as occupational
safety training for at least 330 healthcare workers. DMF will also seek
and obtain resources for the development of the Center of Excellence in
both immune system monitoring and healthcare worker safety. BD's
commitment amounts to a total of $500,000 in cash and in-kind services
over a three-year period. DMF commits to raise $1 million over three
years targeted for strengthening occupational safety and lab systems.
Market Wrap for September 25th, 2008 Stocks caught a bid Thursday as
investors grew confident that a troubled-asset purchase plan will soon
win Congressional approval. That notion helped participants disregard
an underwhelming outlook from a corporate bellwether, downbeat economic
data, and rising oil prices. Though the details of a plan to acquire
troubled assets from financial firms are still being hashed out,
traders are convinced a plan will soon be announced. Bolstering their
case, Representative Frank and Senator Dodd indicated in a speech to
the press that the plan is on track. The plan's direct impact on
financial firms won the sector favor during the session. Though off its
high, financials closed 2.6% higher with 69 of its 85 members making
gains. Business conglomerate General Electric (GE 26.08, +1.49) stirred
concern briefly this morning as investors caught word the company
lowered its outlook for the third quarter and for fiscal 2008. GE also
announced it has suspended its stock buyback program. The
disappointment proved temporary, though, as investors assessed comments
from GE chief executive Jeffrey Immelt along with word that Standard &
Poor's affirmed GE's AAA rating. The stock finished higher,
outperforming the broader market. The gains Thursday were all the more
impressive considering they came in the face of disappointing economic
data. Durable goods orders fell 4.5% for August. Excluding
transportation, orders were down 3.0%. Both were worse than expected
and marked reversals from the gains registered the month before.
Jobless claims for the week ending Sept. 20 were up 32,000 to 493,000,
surpassing the 450,000 claims that were expected. The number included
50,000 claims related to recent hurricanes. Nonetheless, the four-week
moving average climbed to 462,500 from 446,500. The data portend a
ninth consecutive decline in nonfarm payrolls as job conditions remain
soft. New home sales continue to disappoint. New home sales in August
totaled 460,000, missing the 510,000 consensus. Month-over-month, new
home sales were down 11.5%, which is substantially below the 1.0%
downturn that was expected. Oil prices rebounded from an early morning
loss to close with a gain. The commodity had been down roughly 2% in
the early going, but closed with gains of almost 2% near $108 per
barrel. The bounce in oil prices failed to undermine investor optimism
as the mood remained upbeat throughout the session.
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www.ceo-corner.com This opinion contains forward-looking statements
that involve risks and uncertainties. This material is for
informational purposes only and should not be construed as an offer or
solicitation to buy or sell securities. InvestSource, Inc. has prepared
all material herein based upon information believed to be reliable. The
information contained herein is not guaranteed by InvestSource, Inc. to
be accurate, and should not be considered to be all-inclusive. The
companies that are discussed in this release have not given an opinion
or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market
maker, investment banker, investment advisor, analyst or underwriter.
InvestSource, Inc. affiliates, officers, directors and employees may
also have bought, or may buy the shares discussed in this opinion and
may profit in the event of a rise in value. InvestSource, Inc. will not
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