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Press release BoxID: 160911 (biolitec biomedical technology GmbH)
  • biolitec biomedical technology GmbH
  • Otto-Schott-Str. 15
  • 07745 Jena
  • http://www.biolitec.de
  • Contact person
  • Ariane Oltmanns
  • +49 (3641) 5085-54

biolitec has entered into a non-binding letter of intent for the acquisition of specified assets of Diomed Holdings, Inc.

(PresseBox) (Jena, ) biolitec AG, Jena, listed in the Prime Standard of the Frankfurt stock exchange (ISIN DE0005213409), has entered into a non-binding letter of intent for the acquisition of certain operating assets of Diomed Holdings, Inc., (AMEX:DIO), a leading developer and marketer of minimally invasive medical technologies including laser treatment for varicose veins in the USA. The senior management of both companies anticipate a purchase price of between $6 and $7 million for these assets.

biolitec expects to complete the asset purchase within approximately 2 to 3 months. Diomed reported revenues of $ 26 million in the fiscal year ended December 31, 2007. After a restructuring phase biolitec expects strong synergies due to this purchase mainly for the vein business as well as an expansion of its own market position in the field of minimal invasive technologies in the USA.