Contacts: Anthony G. Viscogliosi, Viscogliosi Bros, LLC (212) 583-9700
Nick Kilsby, Creative Partners (203) 705-9202
VISCOGLIOSI BROS., LLC ACQUIRES AVANTA ORTHOPAEDICS, INC.
New York, NY: February 10, 2005 - Viscogliosi Bros., LLC (“VB”)
is pleased to announce the acquisition of Avanta Orthopaedics, Inc.
(“Avanta”), a leading global provider of upper extremity
reconstruction / arthroplasty products. Under the terms of the
agreement, VB acquired all assets of the company in exchange for a one-time
payment to the former owner, Cretex Companies, Inc.
Operating since 1976, with facilities in Minneapolis, MN and San Diego,
CA, Avanta has long held a strong position in the upper extremity device
market. Currently, Avanta designs and develops a variety of clinically-proven
reconstruction / arthroplasty products for the finger, thumb, hand,
wrist, forearm, and elbow. The company’s rHead Radial Implant™
is the market leader for radial head replacement procedures and the
Avanta Total Wrist™ is one of the foremost total wrist replacement
products currently on the market.
To date there have been more than 35,000 implantations world-wide utilizing
Avanta’s products in 20 countries. In the US, Avanta has 15 FDA
approved products (8 finger products, 5 wrist products, 2 elbow products)
and is expected to introduce five more innovative products by year end
Mr. Anthony G. Viscogliosi, a Principal of VB, said: “VB believes
that Avanta’s current product line has significant untapped market
potential when properly positioned and marketed. We look forward
to working closely with Avanta’s operational team to fully maximize
the opportunity to develop the upper extremity business. Avanta has
a storied history of working alongside world class, leading surgeons
from the Mayo Clinic and the University of Minnesota - developing innovative
products to treat orthopedic pathologies of the hand, elbow, and wrist.
We expect to both continue our strong and close relationships and develop
new working relationships with a number of other world class surgeon
innovators and to continue to develop solutions to clinically unmet
Avanta’s General Manager and Vice President, Doug Plunkett said:
“VB has a history of bringing innovative thinking to orthopaedic
businesses and we are excited to be a part of the VB family of companies.
With VB’s financial resources, network of surgeon-contacts and
strong industry ties, we are convinced that we can grow our existing
business while moving into other, related market segments.”
Avanta Orthopedics, LLC is a market-leading orthopedic implant manufacturer
and marketer based in San Diego, California. Since 1976, the Company
has been a US market leader dedicated to developing surgeon-innovated
implants for the hand and upper extremity markets. Working alongside
leading surgeons worldwide, Avanta has developed innovative products
to treat orthopedic pathologies of the hand, wrist, and elbow.
Further information is available at: www.avanta.org
About Viscogliosi Bros., LLC
Established by Marc R. Viscogliosi, John J. Viscogliosi and Anthony
G. Viscogliosi in New York City in 1999, VB was the first venture capital/private
equity and merchant banking firm dedicated to the musculoskeletal/orthopedics
sector of the health care industry. Today, VB is a leading independent
firm with a mission to create, build and finance companies founded on
innovations developed by surgeons and uniquely focused on "life
changing" musculoskeletal/orthopedic technologies. VB has worldwide
surgeon, industry and trade relationships and significant financial
expertise in the musculoskeletal/orthopedic sector.
As principals of VB, the Viscogliosi brothers have a combined total
of more than 35 years experience analyzing and investing in the musculoskeletal/orthopedics
sector. The have pioneered innovative financial, strategic and management
initiatives for companies in the sector, from start-up, seed and development
stage all the way to exit, while helping thousands of people lead better
lives through the orthopedic and spinal products marketed and sold by
the companies they have assisted in developing and financing.
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