Diagnostic imaging systems developer Hologic of Bedford, Mass., is finalizing the purchase of BioLucent, the MammoPad developer of Aliso Viejo, Calif.
BioLucent, formed in 2000, has 52 employees and sells 12 million MammoPads a year. It patented a foam pad, called MammoPad, for mammograms would cushion the metal plate and make the procedure more comfortable but not interfere with test results.
"MammoPad is low-tech, sells for about $3-$4 and is a nonreimbursed product," which made the company difficult to sell, according to Steve Gex, founder of BioLucent.
After a three-month negotiation, they agreed that Hologic would buy BioLucent for $5 million in cash and $65 million in Hologic stock. The selling investors could earn another $15 million if MammoPad achieves specific revenue sales goals.
The sale will be final on Sept. 18.
When the sale concludes, Gex and about 15 BioLucent employees will initiate a new company, Cianna Medical, to manufacture and market Savi, a device that precisely targeted radiation for lumpectomy patients. Gex describes Savi as high tech, costing $2,700, not reusable but reimbursable by insurance.