Merger to create NASDAQ-listed medical device company focused on developing and commercializing interventional treatment systems for vascular disease Conference call scheduled for Tuesday, November 4, 2008 at 8:30 AM ET
LOUISVILLE, Colo. and ST. PAUL, Minn., Nov. 4 /PRNewswire-FirstCall/ -- Replidyne, Inc. (Nasdaq: RDYN) and Cardiovascular Systems, Inc. (CSI) today announced that they have entered into a definitive merger agreement under which CSI will merge with Replidyne in an all-stock transaction. Under terms of the agreement, Replidyne will issue new shares of its common stock to CSI shareholders whereby former CSI shareholders are expected to own 83 percent of the combined company, and Replidyne shareholders are expected to own 17 percent of the combined company on a fully diluted basis using the treasury stock method, subject to adjustments as described in the merger agreement.
David L. Martin, President and Chief Executive Officer of CSI, said, "Executing this transaction with Replidyne is an expedient way to take our company into the public market and generate a capital infusion for future growth. With an estimated $35 million to $40 million in additional cash and investments from the merger, we can further expand our sales and marketing organization and infrastructure to drive revenue growth and continue to invest in product development for future market expansion."
"After a diligent process of evaluating strategic alternatives carried
out over several months, we believe that a merger with CSI presents our
investors with a very good opportunity to realize future value," stated
Kenneth J. Collins, President and Chief Executive Officer of Replidyne.
"Through our process we have evaluated a broad array of oppor
|SOURCE Replidyne, Inc.|
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