TranS1 Inc. Announces Agreement to Acquire Baxano, Inc. (press release)
Combination Adds Rapidly Growing Minimally Invasive Spinal Decompression Technology and Large Surgeon User Base
Baxano Shareholders Commit $15.3M in Concurrent Financing
RALEIGH, N.C., March 4, 2013 (GLOBE NEWSWIRE) — TranS1 Inc. (Nasdaq:TSON), a medical device company focused on designing, developing and marketing products to treat degenerative conditions of the spine affecting the lumbar region, today announced that it has entered into a definitive agreement to acquire Baxano, Inc., a privately-held medical device company that manufactures and markets the iO-Flex® system utilized in standard spinal decompression surgery and is developing the iO-TomeTM system, a precision facetectomy instrument.
Merger Transaction
Under the terms of the merger agreement (the “Merger Agreement”), TranS1 Inc. (“TranS1″ or “the Company”) will issue approximately 10.4 million shares of TranS1 Common Stock and pay $550,000 of cash (approximately $23.6 million of value based on the March 1, 2013 closing price) to acquire Baxano, Inc. (“Baxano”) (the “Merger Transaction”). The Company will also refinance $3.0 million of existing debt...
