Fostering innovations, nurturing health.
SOFAMOR DANEK ACQUIRES REMAINING STOCK OF SURGICAL NAVIGATION TECHNOLOGY.
MEMPHIS, Tenn.--(BUSINESS WIRE)--April 30, 1996--Sofamor Danek Group, Inc. (NYSE:SDG) today announced that it has acquired the remaining 80.5% of the outstanding stock of Surgical Navigation Technology ("SNT") for an undisclosed amount. In March 1995, Sofamor Danek purchased 19.5% of the outstanding stock of SNT and acquired the exclusive worldwide license (except in Korea until 1997) to manufacture and distribute SNT products relating to frameless stereotactic surgery in spinal and neurological fields.
Surgical Navigation Technology, Inc., a privately held company located in Broomfield, Colorado, has developed technology for a medical workstation, the StealthStation (TM) system, that interactively displays diagnostic images from magnetic resonance and computer tomography equipment. The StealthStation system incorporates patented technology that provides computer-assisted guidance for surgeons to precisely position a surgical instrument relative to the patient's anatomy. During the first quarter, 510(k) marketing clearance was received from the Food and Drug Administration for the StealthStation system for cranial and spinal applications.
"We have been pleased with the initial acceptance of the StealthStation system by the medical community," stated Jim Gallogly, president and chief operating officer. "The acquisition of the remaining stock of SNT will enable the Company to realize higher margins on the sale of the system, aid in establishment of research and development priorities and add general management expertise.
"We believe this new product will complement our expanding line of minimally invasive surgical and diagnostic equipment, which is designed for spinal and neurological applications. We are also excited about the prospects for the technology for other applications," concluded Mr. Gallogly.
Certain of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including, without limitation, the timely development and acceptance of new products, the impact of competitive products, the timely receipt of regulatory clearances required for new products, the regulation of the Company's products generally, the disposition of certain litigation involving the Company and the other risks and uncertainties detailed from time to time in the Company's periodic reports (including the Annual Report on Form 10-K for the year ended December 31, 1995) filed with the Securities and Exchange Commission. Sofamor Danek Group, Inc. is primarily involved in developing, manufacturing, and marketing spinal devices used in the surgical treatment of spinal disorders. The Company's stock is traded on the New York Stock Exchange (NYSE) under the symbol SDG.
CONTACT: Sofamor Danek Group Inc., Memphis
COPYRIGHT 1996 Business Wire. Click here for the original article.