MAKO Surgical Corp. Announces Agreement to Acquire Assets of Pipeline Biomedical Holdings
October 02 2013 - 9:00AM
MAKO Surgical Corp. (Nasdaq:MAKO) today announced that it has
entered into an agreement with Pipeline Biomedical Holdings, Inc.
to acquire substantially all of Pipeline's business dedicated to
the design, development, manufacture and commercialization of
orthopedic devices and related instruments for use with both
robotic devices and manual medical procedures. Since 2010 Pipeline
has been MAKO's partner in developing and supplying advanced
implant technologies for use with MAKO's RIO® Robotic-Arm
Interactive Orthopedic system, including the proprietary
MAKO-branded RESTORIS® PST Cup and Tapered Stem hip implant system
for use with the RIO's MAKOplasty® Total Hip Arthroplasty software
application.
The purchase price for the transaction consists of a credit for
a cash down payment previously paid to Pipeline in the amount of
$2,500,000 and the issuance of an aggregate of 3,953,771
unregistered shares of common stock of MAKO.
The parties expect to close the transaction by October 4, 2013
subject to the satisfaction of customary closing conditions.
About MAKO
MAKO Surgical Corp. is a medical device company that markets its
RIO® Robotic-Arm Interactive Orthopedic system, joint specific
applications for the knee and hip, and proprietary RESTORIS®
implants for orthopedic procedures called MAKOplasty®. The RIO is a
surgeon-interactive tactile surgical platform that incorporates a
robotic arm and patient-specific visualization technology, which
enables precise, consistently reproducible bone resection for the
accurate insertion and alignment of MAKO's RESTORIS implants. The
MAKOplasty solution incorporates technologies enabled by an
intellectual property portfolio including more than 300 U.S. and
foreign, owned and licensed, patents and patent applications.
Additional information can be found at www.makosurgical.com.
Forward-Looking Statements
This press release contains forward-looking statements
regarding, among other things, statements related to expectations,
goals, plans, objectives and future events. MAKO intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Reform Act of 1995. In some cases, forward-looking statements can
be identified by the following words: "may," "will," "could,"
"would," "should," "expect," "intend," "plan," "anticipate,"
"believe," "estimate," "predict," "project," "potential,"
"continue," "ongoing," "outlook," "guidance" or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. The forward-looking
information and statements are or may be based on a series of
projections and estimates and involve risks and uncertainties.
These risks and uncertainties include such factors as the
occurrence of any event, change or other circumstances that could
give rise to the termination of the agreement with Pipeline.
Additional risks are described under Item 1A, "Risk Factors," in
MAKO's periodic filings with the Securities and Exchange
Commission, including MAKO's annual report on Form 10-K for the
year ended December 31, 2012 filed on February 28, 2013. Given
these uncertainties, undue reliance should not be placed on these
forward-looking statements. MAKO does not undertake any obligation
to release any revisions to these forward-looking statements
publicly to reflect events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated
events.
CONTACT: MAKO Surgical Corp.
954-628-1706
investorrelations@makosurgical.com
or
Westwicke Partners
Mark Klausner
443-213-0500
makosurgical@westwicke.com
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