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Devicor™ Medical Products, Inc. Agrees to Acquire Neoprobe's Gamma Detection Devices
Date:5/25/2011

CINCINNATI, May 25, 2011 /PRNewswire/ -- Devicor™ Medical Products, Inc. (Devicor), a portfolio company of leading private equity firm GTCR, announced today it has signed an asset purchase agreement with Neoprobe Corporation to acquire the neoprobe® GDS portfolio of products. Devicor currently provides distribution and marketing services to Neoprobe for the gamma detection systems covered by this agreement. Financial terms of the agreement include $30 million cash at close plus up to an additional $20 million in royalties based on revenue milestones. The sale is subject to approval by Neoprobe's shareholders and is expected to close shortly after the shareholders' meeting in August.

"We are excited to sign this agreement with Neoprobe and believe this is a significant step toward our goal of building a market leading medical device business," says Devicor CEO Tom Daulton. "We look forward to welcoming to Devicor the dedicated Neoprobe employees responsible for this growing product portfolio, as we plan to expand the business further through our global direct sales platform."

The acquisition of the neoprobe® GDS line comes less than a year after Devicor's acquisition of Ethicon Endo-Surgery's (EES) Breast Care business, Mammotome, which sells products designed to help doctors detect and diagnose breast cancer. GTCR will be investing additional equity capital in Devicor to finance a portion of the purchase price of the neoprobe® GDS assets.

"The commitment of additional equity capital by GTCR to support our growth is an excellent example of the strong partnerships GTCR forms with management teams to build successful companies in healthcare and other industries," says Jonathan Salkin, Devicor's Executive Vice President of Corporate Development & Strategy.  

The Mammotome® product portfolio is sold in 50 countries around the world and includes the Mammotome® Breast Biopsy System as
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SOURCE Devicor Medical Products, Inc.
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