CryoLife completes Cardiogenesis takeover

CryoLife has announced the completion of its takeover of Cardiogenesis, a move that will support its international growth strategy.

The transmyocardial revascularisation (TMR) specialist has become a wholly-owned subsidiary of CryoLife after being merged into its CryoLife Acquisition Corporation business unit.

It allows CryoLife to gain access to product offerings such as the market-leading YAG laser system and Phoenix Combination Delivery System, which complement its existing valve replacement and reconstructive cardiac surgery franchise activity.

In addition, the company expects the takeover will enhance its direct selling capacity and allow it to deliver Cardiogenesis products to international markets in which it currently does not have a presence.

Steven Anderson, chairman, president and chief executive officer of CryoLife, said: "The addition … will position CryoLife as the leader in surgical products used to treat patients with severe angina and will help expand our product portfolio for cardiac surgery."

Earlier this month, the company announced its financial results for the first quarter of 2011, noting a record performance in terms of quarterly revenue.