Navilyst Medical, formerly Boston Scientific’s Fluid Management and Vascular Access businesses, today announced its new company name following the February 2008 acquisition by Avista Capital Partners, a private equity firm focused on growth-oriented healthcare, energy and media companies.
MARLBOROUGH, Mass. (Business Wire EON) August 4, 2008 -- "Navilyst Medical combines the best attributes of an established medical device company—market-leading technology, superior clinical data, experienced leadership and proven worldwide sales and distribution capabilities. We maintain the singular focus of a small, eager organization striving to improve patient care while collaborating with clinicians in the global marketplace," said President Dave McClellan.
Navilyst Medical manufactures and markets a portfolio of fluid management and vascular access products used during some of the most frequent hospital procedures including angiography and angioplasty. Navilyst Medical's Fluid Management business, including the proprietary NAMIC line of products enjoys a leading global market share. Navilyst Medical's vascular access products include devices designed to provide access to the blood stream for patients requiring intravenous antibiotics, nutrition, chemotherapy, blood sampling and hemodialysis. The company's PASV Technology, with strong clinical data, is uniquely designed to automatically close after infusion, disconnection or aspiration, and remain closed during normal pressure fluctuations, reducing the risk of complications including catheter-related bloodstream infections.
"At Navilyst Medical we are exclusively dedicated to designing, developing, manufacturing and marketing high quality products that make it possible for lifesaving diagnostics, interventions and drug delivery to occur every day," said Navilyst Medical's McClellan. "We will build upon a strong foundation and look forward to living up to our new name by navigating change and being a catalyst for innovation."
Navilyst Medical employs approximately 800 people, and is headquartered in Marlborough, MA with an ISO-certified manufacturing plant in Glens Falls, NY. Products are distributed in 76 countries and are sold direct in the United States. The company is on track to launch several new products into the global marketplace through internal development and strategic alliances during the upcoming year.
"It is the company's strategic intent to become the first choice provider of medical devices for vascular access, and the diagnosis and treatment of vascular disease. This strong combination of product heritage and experienced employees able to execute on this vision captured Avista's interest in the deal from the outset. By 2011 the company should look very different than we do today—and that's exciting," added Navilyst Medical CEO Ron Sparks.
About Navilyst Medical
Navilyst Medical, headquartered in Marlborough, MA, was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units. Its breakthrough products, including the PASV Valve Technology, Xcela PICC and NAMIC Fluid Management devices, help hospitals create clinical and economic solutions for their patients. The Company distributes its products worldwide and has its lead U.S. manufacturing facility in Glens Falls, NY. For more information, please visit: www.navilystmedical.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York and Houston. Founded in 2005, Avista manages $2.0 billion in private equity capital. Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented media, healthcare and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to invest in and add value to well-positioned businesses with exceptional leadership. For more information, visit http://www.avistacap.com.
FORWARD-LOOKING STATEMENTS: This Release contains forward-looking statements, including statements regarding development of Navilyst Medical's existing and new products, the Company's progress toward commercial growth, and future opportunities. The Company's actual results may differ materially from those anticipated in these forward-looking statements based upon a number of factors, including uncertainties associated with development, testing and related regulatory approvals, anticipated future losses, complex manufacturing, high quality requirements, dependence on limited sources of supply, competition, technological change, government regulation, future capital needs and uncertainty of additional financing, and other risks and challenges. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this Release or to reflect the occurrence of unanticipated events.
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