LABORIE Medical Technologies (“LABORIE“) and Cogentix Medical, Inc. (NASDAQ: CGNT) (“Cogentix“) today announced the completion of the acquisition by LABORIE of Cogentix through LABORIE’S affiliate Camden Merger Sub, Inc. (“Merger Sub“), a wholly owned subsidiary of LM US Parent, Inc. (“Parent“). After the previously announced completion of the tender offer for all of the outstanding shares of Cogentix, LABORIE completed the second step merger under Delaware law, resulting in Cogentix becoming a wholly owned subsidiary of Parent.
At the effective time of the merger, all shares of Cogentix common stock not purchased in the tender offer (excluding those shares for which holders properly exercised appraisal rights under Delaware law and those held by Cogentix) were converted into the right to receive US$3.85, net to the seller in cash without interest thereon and subject to any required withholding tax, which is the same price that was paid for shares of Cogentix common stock purchased in the tender offer. Cogentix common stock will no longer be listed on the Nasdaq Capital Market or any other securities exchange.
“Our combined, complementary product portfolio provides our customers, and their patients, with access to comprehensive Urology solutions from diagnosis through treatment, particularly in the areas of OAB (overactive bladder) and SUI (stress urinary incontinence),” commented Michael Frazzette, Chief Executive Officer of LABORIE. “We are excited to welcome Cogentix’s employees to LABORIE and look forward to their contributions and growth of our combined business.”
Key Cogentix products include:
- Urgent PC Neuromodulation System – non-drug, non-surgical treatment for OAB and associated symptoms of urinary urgency, urinary frequency and urge incontinence. Delivers percutaneous tibial nerve stimulation (PTNS), a recommended therapy in the American Urological Association (AUA) and Society of Urodynamics, Female Pelvic Medicine and Urogenital Reconstruction (SUFU) OAB diagnosis and treatment guidelines.
- PrimeSight Cystoscopy System & EndoSheath – Cystoscopy system combined with a single-use, protective barrier with an integrated working channel. Using PrimeSight with the EndoSheath protective barrier eliminates the need for high-level disinfection between every procedure and provides a significant workflow benefit to urologists performing cystoscopies.
- Macroplastique – Injectable, soft-tissue bulking agent used to treat female SUI primarily due to intrinsic sphincter deficiency. Macroplastique stabilizes and “bulks” the submucosa tissue of the urethra in a minimally invasive procedure, providing the surrounding muscles with increased capability to control the flow of urine.
About Overactive Bladder: It is estimated that 42 million people in the United States alone have Overactive Bladder (OAB), of which approximately 38 million remain untreated or undertreated. OAB occurs when bladder muscles become overly sensitive or overactive, which typically results from damage to the nervous system or to the nerves and muscles associated with bladder contractility. Symptoms of OAB include urinary urgency, urinary frequency or urge incontinence.
About Stress Urinary Incontinence: According to the American Urological Association (AUA) Stress Urinary Incontinence (SUI) is the symptom of urinary leakage due to increased abdominal pressure, which can be caused by activities such as sneezing, coughing, exercise, lifting, and position change. In a recent 2017 AUA/SUFU “Surgical Treatment of Female Stress Urinary Incontinence” Guideline it indicates that the prevalence of SUI in women has been reported to be as high as 49%, depending on population and definition, and it can have a significant negative impact on quality of life.