June 30, 2016 4:14 pm | Updated 4 years ago.
Cryolife, a pioneer in manufacturing medical devices and tissue processing with a special focus on cardiac surgery, acquired PhotoFix. This acquisition took place in the month of April this year with Genesee BioMedical Inc, for a price of $2.3 million. The distribution rights for PhotoFix were acquired by Cryolife. PhotoFIx is pericardium patch manufactured by Genesee Medical Inc.
Cryolife with its focus on cardiac surgery plans to increase the sale of PhotoFix. They plan to leverage the photo-oxidation process, a unique feature in PhotoFix to increase the organizations sales curve.Cryolife also envisages to make PhotoFix,one of the leading biological patch to be used in the cardiac surgery.
Cryolife with headquarters in Atlanta,Georgia is one of the principal manufacturers of implantable living tissues and medical devices required in cardiac surgery.This acquisition will augment Cryolife’s position and give it a competitive edge over its competitors.