Thursday, October 28, 2010

Endologix Buys Nellix, Gets $15M Investment

Irvine-based Endologix, a developer of minimally invasive treatments for aortic disorders, said this morning that it has agreed to acquire Nellix, a developer of medical devices for treating abdominal aortic aneurysms (AAAs). Endologix said it will pay $15M in stock, plus up to $39M in milestone payments, for Nellix. As part of the funding, Endologix said it has received a $15M investment commitment from Essex Woodlands Health Ventures, which is the majority owner of Nellix. Endologix said the new funding will go towards transition and development of the technology it is acquiring for Nellix, in anticipation of a commercial European launch in 2012. Endologix is publicly held, trading on the Nasdaq as ELGX. More information »