Interventional radiology developer AngioDynamics has acquired the Benephit renal therapy product line from FlowMedica for approximately $1.75 million in cash.
The Freemont, Calif.-based FlowMedica develops targeted renal therapy, a therapeutic approach that delivers drugs to the kidneys in order to prevent and treat acute kidney injury (AKI).
Under the terms of the transaction that was structured as an asset purchase, the Queensbury, N.Y.-based AngioDynamics will pay $1.75 million for the assets of the business in addition to a contingent payment based on fiscal 2011 sales of Benephit products.
“We believe FlowMedica's Benephit infusion systems have the potential to address the needs of patients at risk for AKI that result from common medical procedures,” said Eamonn Hobbs, CEO of AngioDynamics. “We intend to begin marketing the systems through our peripheral vascular sales team.”