CryoLife Acquires PhotoFix for $2.3 Million Cash

Cryolife Inc

disclosed that it exercised its right to buy the PhotoFix Bovine pericardium path for $2.3 million in cash from Genesee BioMedical. In August 2014, the company bought the distribution rights, as well as, the purchase option for PhotoFix. Cryolife Chairman, President and CEO, Patrick Mackin, said that "PhotoFix is a highly differentiated product that complements our expanding portfolio of cardiac surgery products. We achieved $1.4 million in PhotoFix sales in 2015 and have a significant opportunity to continue driving adoption in the market, particularly with our expanded cardiac surgery sales force that doubled in number following the acquisition of On-X earlier this year." The company's CEO added that "We believe PhotoFix's photo-oxidation process is unique and provides clinical advantages that will support its sales growth and ultimately its adoption as a leading biological patch in the $30 million market for cardiac surgery." Cryolife indicated that Genesee has agreed to continue to supply PhotoFix with it until the company establishes manufacturing capabilities. The company expects manufacturing PhotoFix to commence by mid-2017.