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IsoTis and Integra Agree to Merge for $51 Mil

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had ik maar 9 augustus 2007 21:52

IsoTis and Integra Agree to Merge for $51 Million or 1.2x Sales

zie onder: News Shorts
www.ryortho.com/NEWSSHORTS/volume3/is...

De grafieken kan ik niet kopiëren maar deze geven duidelijk weer dat IsoTis zichzelf in de voet heeft geschoten door naar de Nasdaq te verhuizen. De gemiddelde waardering voor een derg. overname komt neer op 2.3x revenues. Nog daargelaten dat een branchegenoot die allograft verkoopt 5.8 x revenues.

By Robin Young
August 9, 2007

PIsoTis Inc, which reported a 1% decline in revenues for the June quarter, is recommending to its shareholders that they accept a $7.25 per share offer to sell the company to Integra LifeSciences Corp. The Integra offer represents a 4% premium over IsoTis’ average stock price in July.

For Integra, this adds the Accell® line of bone void fill products to their extensive line of orthopedic and biologic products.
For IsoTis, this was perhaps the only way out from between a rock and a hard place.

The company, which had recently combined all of its disparate shareholders into a single, NASDAQ entity, was counting on a U.S. stock offering to fund its final push to profitability. That fell apart earlier this year due to snags at the FDA (which are being resolved). No capital. No IsoTis.

When the IPO failed to launch, the company negotiated a $20 million line of credit with Merrill Lynch and Silicon Valley Bank. That credit line required that the firm raise $20 million in new equity. At the end of a long effort, that equity came in the form of a bid from Integra—not from the private equity markets.

In terms of IsoTis employees, surgeon customers and other stakeholders, Integra offers a broad and complementary line of products and infrastructure. IsoTis’ Accell will now share shelf space with Integra’s dural grafts, dermal regeneration and engineered wound dressings.

Integra’s purchase price for IsoTis is lower than might have otherwise been expected for IsoTis. As the following table illustrates, companies that sell bone void fill tend to trade at around 2.3x revenues.

ZIE overzicht op de website

Until this year IsoTis was posting double-digit revenue growth rates.

ZIE overzicht op de website

Other firms selling similar allograft products were reporting, effectively, four down years for every five up years. Only IsoTis was reporting consistently strong year over year revenue growth.

But IsoTis’ financial realities left management with, really, no option other than to take $7.25 per share in cash. Considering everything, this looks like a fair deal for shareholders and, we suspect, an even fairer deal for IsoTis’ employees and customers. The shareholders get $7.25 per share and IsoTis’ employees and customers get to build a future under Stu Essig’s billion-dollar orthobiologic franchise (aka: Integra LifeSciences).

Groet,
hadikmaar

had ik maar 10 augustus 2007 01:09

FDA Task Force Declares Human Tissue Allograft Safe

Mogelijk dat dit (enkele dagen oude) nieuws toch wel iets te betekeken kan hebben voor de huisige situatie van IsoTis.

Als we mogen aannemen dat dit klopt dan moet dit toch een goede zaak zijn voor IsoTis.

Het hele verhaal te vinden op: www.ryortho.com/NEWSSHORTS/volume3/is...

FDA Task Force Declares Human Tissue Allograft Safe
By Robin Young August 1, 2007
After nearly two years of headlines about donor tissues having been improperly collected and processed, the FDA released a report that concludes that there are no significant industrywide problems in the recovery of human tissues used for transplantation.

Het hele verhaal dus te lezen op de bovenstaande link.

The report was issued by FDA's Human Tissue Task Force (HTTF). As part of the task force’s investigation, investigators from FDA’s Office of Regulatory Affairs inspected 153 major human tissue recovery firms between October 2006 and March 2007. While some deviations from the regulations were identified, no major inaccuracies or deficiencies were found that could put tissue recipients at risk.

Verdere nog de FDA die een overzicht geeft waarmee IsoTis te maken heeft inzake cell and tissue, te weten DBM100, TBM, Cancellous Bone / DynaGraft II Putty & Gel, OrthoBlast II Putty & Paste, Connexus:

www.accessdata.fda.gov/scripts/cber/C...

Groet,
hadikmaar

Die blijft geloven in een betere afloop als ons nu is voorgehouden.

[verwijderd] 10 augustus 2007 11:05

quote:
had ik maar schreef:
Die blijft geloven in een betere afloop als ons nu is voorgehouden.

Wellicht bij snelle FDA approval.. Wanneer is de stemming eigenlijk?

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