CryoLife has announced the sale of its rights to the ProCol vascular bioprosthesis to LeMaitre Vascular.
The deal involves the transfer of CryoLife's distribution rights and purchase option for ProCol to LeMaitre Vascular, which has since chosen to exercise the option and acquire the portfolio outright from Hancock Jaffe Laboratories.
“CryoLife has sold off its ProCol distribution rights and purchase option to LeMaitre Vascular.“
CryoLife will receive approximately $2 million (1.39 million pounds) for its ProCol-related assets, including inventory, customer lists, related marketing assets and the purchase option, as well as for settlement of all amounts due to CryoLife from Hancock Jaffe.
This comes as part of a wider strategy by CryoLife to refocus its commercial strategy on core offerings such as its On-X mechanical valve technology, complementary cardiac surgery products and tissue preservations services.
To this end, the firm also recently sold off its HeRO Graft product line, freeing up additional finances and sales team capacity.
Patrick Mackin, chairman, president, and chief executive officer of CryoLife, said: "We remain confident that the recent doubling in size of our sales force and the streamlining of our product offerings will enhance of our growth trajectory and operating leverage."See all the latest jobs in Medical Devices