TORONTO, CANADA, October 5, 2018 – On March 11, 2018, Cogentix Medical, Inc. (“Cogentix”) and certain affiliates of Laborie Medical Technologies Canada ULC (“Laborie”), LM US Parent, Inc. (“Parent”) and Camden Merger Sub, Inc. (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Cogentix would become a wholly-owned subsidiary of Parent (the “Merger”). Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer (the “Tender Offer”) to purchase all of the outstanding shares of Cogentix’s common stock. On March 26, 2018, in connection with the Tender Offer, Cogentix filed a Schedule 14D-9 Solicitation/Recommendation Statement with the United States Securities and Exchange Commission (the “SEC”).
LABORIE Medical Technologies (“LABORIE”) and Cogentix Medical, Inc. (NASDAQ: CGNT) (“Cogentix”) today announced the completion of the acquisition by LABORIE of Cogentix through LABORIE’S affiliate Camden Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of LM US Parent, Inc. (“Parent”). After the previously announced completion of the tender offer for all of the outstanding shares of Cogentix, LABORIE completed the second step merger under Delaware law, resulting in Cogentix becoming a wholly owned subsidiary of Parent.
LABORIE Medical Technologies (“LABORIE”) announced the successful completion of the tender offer by its affiliate Camden Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of LM US Parent, Inc. (“Parent”) to purchase all outstanding shares of common stock of Cogentix Medical, Inc. (NASDAQ: CGNT) (“Cogentix”) for US$3.85 per share, net to the seller in cash without interest thereon and subject to any required withholding tax. The tender offer expired at 12:00 midnight, New York City time, at the end of Friday, April 20, 2018.
LABORIE Medical Technologies, a leading global developer and manufacturer of medical diagnostics and devices in the pelvic health and gastroenterology market, today announces the execution of a definitive agreement to acquire Cogentix Medical Inc., (NASDAQ: CGNT) for $3.85 per Cogentix share in cash, and an enterprise value of $214 million. Cogentix is a global medical company that provides proprietary, innovative technologies to a number of specialty markets including urology.
Laborie Medical Technologies (“LABORIE”), a leading global developer and manufacturer of medical diagnostics and devices in the pelvic health and gastroenterology markets, is pleased to announce Michael Frazzette as new President and CEO. Mike brings over three decades of broad Medical Technology leadership experience to his role. “Clinicians know Laborie Medical Technologies as a global leader and innovative partner working to help improve patient outcomes. I am honored to be joining such a high performing and customer focused team, and I look forward to building upon our strengths to create even more value for all of our stakeholders,” said Mike. LABORIE Chairman, Bo Jesper Hansen, MD stated, “Speaking on behalf of the Board of Directors, we are thrilled to have Mike join the LABORIE team as CEO, and we are excited about the long-term prospects of Laborie under his leadership.”
Brian Ellacott, President and CEO of LABORIE along with the EAU Secretary-General, Professor Christopher Chapple presented the prestigious Matula Award to Dr. Christian Gratzke at the opening ceremony of the 32nd Annual EAU meeting in London, UK.
LABORIE has completed its acquisition of ANDROMEDA Medizinische Systems GmbH (“Andromeda”). Headquartered in Potzham, Germany, Andromeda is a European market leader in Urodynamics.
Canadian entrepreneurial success story now one of the world’s fastest growing medtech companies
Laborie Medical Technologies (“LABORIE”), a leading global developer and manufacturer of medical devices in the pelvic health and gastroenterology markets, is proud to celebrate 50 years of innovation and commitment to improving the lives of patients suffering from Urologic and Gastrointestinal (GI) disorders.
LABORIE’s Portascan™ 3D received Innovative Technology Designation from Vizient, Inc. the largest member-driven health care performance improvement company in the country. Innovation Technology Designation recognizes products that bring improvements to the health care industry. The designation was based on reviews of Portascan 3D by hospital experts who attended Vizient’s Innovative Technology Exchange in September 2016.
Patricia Industries, a part of Investor AB, has signed an agreement with Audax Private Equity to acquire the Canadian medical technology company LABORIE, which focuses on the diagnosis and treatment of urologic and gastrointestinal disorders that affect the daily lives of millions. LABORIE was founded in 1967 and has grown organically and through acquisitions from a leading manufacturer of capital equipment for urodynamic testing into a fully-integrated medical device company with a market-leading position in urology and a rapidly growing gastroenterology business. LABORIE has an attractive, asset-light business model with a high share of its revenue derived from recurring sales of proprietary consumables. LABORIE’s global manufacturing, development and commercialization capabilities create a solid platform for growth through organic and non-organic expansion in core and adjacent markets, new geographies and further expansion beyond diagnostics into therapeutic products. LABORIE will continue to be run by its current management team, which will remain part-owners of the company.
LABORIE has redesigned its website to include Medical Measurement Systems (MMS) Urology and Gastroenterology products. The newly designed website (www.laborie.com) now features Urology and Gastroenterology product lines and resources from both LABORIE and MMS.
LABORIE has completed an investment in Medi-Tate Ltd. Medi-Tate, headquartered in Akiva, Israel, is an Israeli medical device company focused on research, development, manufacture and sale of innovative solutions for the treatment of Benign Prostatic Hyperplasia (BPH).
LABORIE has completed its acquisition of Medical Measurement Systems (“MMS”). MMS is headquartered in Enschede, The Netherlands with a German subsidiary in Bottrop and US operations in Dover, New Hampshire. MMS is a global market leader in Gastrointestinal Diagnostics and Urodynamics.
LABORIE completed its acquisition of Unisensor AG and Unisensor USA, Inc. Unisensor is headquartered in Wiesendangen, Switzerland with US operations in Portsmouth, New Hampshire. Unisensor specializes in the development and manufacture of micro, high resolution sensors to measure pressure and pH values for the Gastroenterology and Urology markets.
ALBANY (NBC-WNYT) – Dr. Brian P. Murray of Albany Memorial Hospital discusses his low-tech approach to treating overactive bladder using the LABORIE Urostym® Biofeedback System.
LABORIE completed its acquisition of BUCK Elektromedizin GmbH and BUCKmeditec GmbH & Co. BUCK, headquartered in Bad Rappenaeau, Germany, develops and distributes innovative and advanced Biofeedback and electrical stimulation equipment, accessories and consumables for pelvic floor dysfunction in the treatment of Urinary and Fecal incontinence.
LABORIE completed its acquisition of Mediwatch Plc, a manufacturer and distributor of Urology and GI diagnostic products, including Urodynamics systems and disposables, bladder scanners, uroflowmeters, Pelvic Floor Biofeedback equipment, Anorectal Manometry systems and PSA Test equipment and disposables. The transaction was effective as of January 27, 2014.
LABORIE, a leading developer and manufacturer of medical devices in the pelvic health market, offers a new educational course, “Fecal Incontinence Diagnostics”. This 2-day course is designed to provide health professionals with expanded knowledge of Fecal Incontinence diagnosis and treatment, Anorectal Manometry and Transrectal Ultrasound.
LABORIE completed its agreement with UroMed Technology, Inc. to acquire their Pelvic Muscle Rehabilitation business. UroMed Technology, Inc. develops, manufactures and distributes innovative and advanced biofeedback and electrical stimulation equipment, accessories and consumables for pelvic floor dysfunction in the treatment of Urinary and Fecal Incontinence.
Prior to joining LABORIE, Brian served as General Manager of Invacare’s (NYSE:IVC) $1 Billion North and South American businesses. Brian’s previous experience includes leadership roles at American Hospital Supply and Baxter International in Canada, Australia and the United States.
Ray was presented with the John J. Humpal Award at a Black Tie Gala on April 12th in Chicago, IL. The Gala marked the conclusion of a year-long celebration of the 30th anniversary of the founding of the Simon Foundation for Continence in 1982. This event attracted an international audience of guests including participants from Japan, Australia, Denmark, New Zealand, Brazil, Canada, England, Sweden, Ireland, Germany, the Netherlands, and Israel along with individuals from throughout the USA.
The Company: Laborie Medical Technologies, Inc. (“LABORIE”), based in Toronto, Ontario, is a leading global provider of urodynamic testing equipment and consumables for urinary incontinence. Laborie supplies physician offices, hospitals and mobile providers on six continents.
The eN-CAM® is a state-of-the-art imaging transfer system that allows the clinician to convert most laptops or PCs into a viewing device for their Endoscopic imaging needs. The eN-CAM® attaches to almost any rigid or flexible endoscope and communicates through a USB connection via LABORIE Imaging Software, which saves the image as a .JPEG or .DICOM file as well as other formats. The LABORIE Imaging Software also allows you to save video loops as an .AVI file right on your laptop or PC.
LABORIE is proud to announce their partnership with the Society of Urologic Nurses and Associates (SUNA) to award two annual scholarships to SUNA members for the Comprehensive 2.5 day Urodynamics Course. This course is taught by Dr. Mikel Gray, an expert on the subject of Pelvic Floor Diagnostics as well as the author of the “Traces: Making Sense of Urodynamics Testing” article series.