REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 5, 2018--
Dextera Surgical Inc. (OTCMKTS: DXTR), a company developing and
commercializing the MicroCutter 5/80™ Stapler, today announced that it
had obtained approval by the Bankruptcy Court for the sale of
substantially all of Dextera Surgical’s assets to Aesculap, Inc., a B.
Braun company. The transaction is expected to be completed by February
“We are pleased to see our innovative MicroCutter 5/80 Stapler, PAS-Port®
and C-Port® automated anastomosis system cardiac surgery
products and technology portfolio transitioning into the very capable
hands of the team at Aesculap, Inc. to provide a path for these products
to remain in the hands of surgeons and be supported around the globe,”
said Julian Nikolchev, president and CEO of Dextera Surgical. “We are
working with the Aesculap, Inc. team to transition the manufacturing and
worldwide marketing and support of the MicroCutter 5/80, PAS-Port
Proximal and C-Port Distal Anastomosis Systems.”
Mr. Nikolchev continued, “While there may be some temporary disruption
in the ordering process during the transition period, we will work to
ensure that these products remain available to the surgeons who depend
on them for less invasive surgical procedures.” It is the intent of
Aesculap, Inc. to continue the manufacturing and distribution of
In December 2017, Dextera announced that it filed a voluntary Chapter 11
petition in the United States Bankruptcy Court for the District of
Delaware. Additional information about this process and proposed asset
sale, as well as court filings and other documents related to the
reorganization proceedings, is available through Dextera's claims agent,
Rust/Omni at http://www.omnimgt.com/dextera.
Dextera Surgical has retained Cooley LLP as special corporate counsel,
Saul Ewing Arnstein & Lehr LLP as its bankruptcy counsel and JMP
Securities as its financial advisor.
About Aesculap, Inc.
Aesculap, Inc., a B. Braun company, is part of a 180-year-old global
organization focused on meeting the needs of an ever-changing healthcare
community. Through close collaboration with its customers, Aesculap
provides advanced technologies for general surgery, neurosurgery and
closure technologies. Aesculap continues a proud heritage of leadership
and responsiveness as we strive to deliver products and services that
improve the quality of patients’ lives. For more information, call
800-282-9000 or visit aesculapusa.com.
About Dextera Surgical
Dextera Surgical designs and manufactures proprietary stapling devices
for minimally invasive surgical procedures. In the U.S., surgical
staplers are routinely used in more than one million minimally invasive
laparoscopic, video-assisted or robotic-assisted surgical procedures
Dextera Surgical also markets the only automated anastomosis devices for
coronary artery bypass graft (CABG) surgery on the market today: the
C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis
System. These products, sold by Dextera Surgical under the Cardica brand
name, have demonstrated long-term reliable clinical performance for more
than a decade.
The statements in this press release regarding the expected timing of
the completion of the sale of assets to Aesculap, Dextera Surgical’s
expectations as to the transition process, and Aesculap’s intention to
continue the manufacturing and distribution of Dextera’s products, are
"forward-looking statements." There are a number of important factors
that could cause Dextera Surgical’s results to differ materially from
those indicated by these forward-looking statements, including the risks
that the conditions to close the sale of assets will not be met, in
which case the sale of the assets may not occur, risks inherent with
bankruptcy processes and other risks detailed from time to time in
Dextera Surgical’s reports filed with the U.S. Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2017, under the caption “Risk Factors.” Dextera
Surgical expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein. You are encouraged to read Dextera Surgical’s reports
filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180205005203/en/
Source: Dextera Surgical Inc.
Dextera Surgical Inc.
Bob Newell, 650-331-7133
Finance and Chief Financial Officer