Madison medical adhesives company acquired
Madison-based Nerites Corp., a medical adhesives developer, has been acquired by Exton, Pa.-based Kensey Nash Corp. for $20 million in cash.
Nerites is developing a technology platform of adhesive-based biomaterials which would allow Kensey Nash to further its penetration into the regenerative medicine markets encompassing soft tissue surgical repair, orthopaedics, sports medicine, spine and neurosurgery.
In addition to possible new surgical sealant and adhesive products, Kensey Nash said it intends to develop and integrate the acquired adhesive, sealant, and coating technologies from Nerites Corp. into its regenerative biomaterials business.
“We are very excited about this acquisition,” said Joseph W. Kaufmann, president and CEO of Kensey Nash Corp. “The Nerites’ technology will integrate well with Kensey Nash’s existing biomaterial capabilities and technologies, providing many opportunities for next generation products currently in the market and expanding our development pipeline as well as opportunities for additional strategic partnerships. We will initially target the hernia and dura repair markets.”
“We are very pleased with this transaction and the commitment Kensey Nash is making to broadly commercialize products based on our technology,” commented Shaun C. Lonergan, president and CEO of Nerites Corp. “We are proud of our Madison team and excited about the impact this technology can have on improving the practice of medicine. We believe the expertise and resources Kensey Nash brings to the table will really enhance that opportunity.”
Nerites was previously funded by $11 million from venture capital firms including Madison-based Venture Investors LLC and Foster City, Calif.-based Black Mountain Ventures.
