Key Developments For Synovis Life Technologies Inc
Synovis Life Technologies Inc (SYNO.O) (Consolidated Issue listed on NASDAQ Global Market)
Synovis Life Technologies, Inc. Sells Auction Rate Securities
Synovis Life Technologies, Inc. announced that it has sold its portfolio of auction rate securities for $7.65 million in cash. The Company's auction rate securities portfolio had a carrying value of $4.90 million, and the sale resulted in a non-operating pre-tax gain of $2.75 million in the fiscal fourth quarter. In addition, should a regulatory or other settlement occur during the next 24 months in which the company would have otherwise been eligible to tender any of the auction rate securities, the Company will be entitled to an additional payment of the amount the Company would have received in such settlement that is in excess of the amount of sales proceeds received by the Company.
Synovis Life Technologies, Inc. Receives CE Mark Approval For Use Of Veritas Collagen Matrix In Hernia Repair And Breast Reconstruction
Synovis Life Technologies, Inc. announced that it has received CE Mark approval for its Veritas Collagen Matrix, allowing the Company to sell Veritas in the European hernia repair and breast reconstruction markets. Veritas is an extremely conformable and strong biomaterial which acts as a scaffold that allows for rapid repopulation and revascularization by the surrounding host tissue.
Synovis Life Technologies, Inc.'s Synovis Orthopedic and Woundcare, Inc. Receives Approval To Manufacture And Ship Orthopedic And Wound Care Products
Synovis Life Technologies, Inc. announced that its Synovis Orthopedic and Woundcare, Inc. (OWC) subsidiary in Irvine, Calif., has successfully completed its California Department of Public Health inspection, allowing OWC to manufacture and sell the OrthADAPT Bioimplant and Unite Biomatrix soft tissue repair products, which are used in orthopedic and wound care applications. Synovis acquired the assets of OWC in July 2009 from Pegasus Biologics.
Synovis Life Technologies, Inc. Announces Share Repurchase Program
Synovis Life Technologies, Inc. announced that its Board of Directors has approved a program for the Company to repurchase up to 500,000 shares of its common stock. Synovis plans to make purchases in either the open market or through private transactions from time to time. The timing and extent to which the Company buys back shares will depend on market conditions and other corporate considerations. The repurchase program does not have an expiration date.
Synovis Life Technologies, Inc. Completes Purchase of Pegasus Biologics Assets
Synovis Life Technologies, Inc. announced that, through a wholly owned subsidiary, has completed its purchase of substantially all the assets of Pegasus Biologics, Inc., a privately held medical device company focused on the development of advanced biological solutions for soft tissue repair. As announced on July 7, the purchase price was $12.1 million in cash. Synovis will retain manufacturing operations in Irvine, Calif., and operate the acquired assets as a separate division.
