Sarasota, FL, July 10, 2010 --(PR.com
)-- Global-Med Technologies Group, Inc. (GTG) (www.global-med.us.com) announced that it has completed its quest to acquire OrthoIT³, LLC for undisclosed terms. The two groups have been in discussions for over a year on acquisition and came to agreement last week. OrthoIT³ was formed as a collaborative effort between clinicians and two private venture capital groups. OrthoIT³ was dedicated to a philosophy of minimizing trauma to the patient suffering from lower (lumbar) back pain while restoring function. Back pain is the number one cause for healthcare expenditures in the US, with more than $50 billion in annual direct and indirect medical expenses.
The deal provides that GTG completes development, and acquires Food & Drug Administration (FDA) approval for the resultant technology referred to as the ReSumo™ Soft Disc System. ReSumo™ is a revolutionary breakthrough in spinal non-fusion disc replacement and minimally invasive lumbar procedures. Spinal fusion through the implantation of devices is the current standard for surgical treatment of the spine; currently representing approximately seventy (70%) percent of the industry’s estimated revenues, but a non-fusion solution that replicates human disc anatomy has long been sought.
The Company’s CEO, M.G. Urbanski said, “We had a relationship with one of the venture capital groups involved and GTG worked diligently to convince them that we are passionately committed to minimally invasive procedures and devices. It was important that we follow through on their philosophy of providing patients and surgeons a non-fusion procedure option. We are very excited to obtain this technology and GTG views it as a market changer once development is completed.” GTG plans on developing the technology in its research and development subsidiary Mosaic Medical Technologies, Inc. and then assigning the system to SpinalVu, Inc., a wholly owned subsidiary which focuses on the spinal device market.
GTG is a technologies-driven, research-based private holding group exclusively focused on the orthopedic and musculoskeletal device sector. GTG provides surgeons and health professionals with clinically relevant, innovative and cost-effective products that improve the quality of life for patients. They focus on devices and procedures that are minimally invasive in nature and therefore, less traumatic to the patient. GTG’s subsidiary product lines include orthopedic and spine/neurosurgical devices, implants and instruments that are indicated for repair and reconstruction of bones, joints and surrounding soft tissues. The Company is dedicated to the development of pre-operative, operative and post- operative procedures, devices and monitoring systems that reduce cost while providing the surgeon and patient with less traumatic surgical intervention options.
Mr. Urbanski further commented, “Our corporate focus is unique in that we seek out technologies and/or products that fit within our Company’s mission statement to provide minimally invasive technologies (MIS) that are considered minimal by nature of device, trauma to patient, cost to healthcare system and/or overall treatment philosophy of the operating surgeon and/or practicing physician. OrthoIT³ is a perfect example of our relentless pursuit of MIS technology which builds value for shareholders and advances the state of treatment for patients worldwide.”
With cost impact to healthcare becoming more and more of a concern, the GTG philosophy should be well received. Global-Med Technologies Group, Inc. (GTG) is a forward-looking and innovative private equity group focused on helping medical professionals enhance the standard of care for patients worldwide. It is one of only a few firms with a model exclusively focused on the $32 billion worldwide orthopedic and musculoskeletal device industry. For more information on GTG visit www.global-med.us.com.