July 4, 2011
Olympus Corporation to Acquire Spirus Medical, Inc.
On July 1, 2011 (US time), Olympus Corporation (President & COO: Michael C. Woodford, "Olympus") acquired all shares of the U.S. venture company Spirus Medical, Inc., an endoscope insertion device manufacturer (head office: Stoughton, Massachusetts; President: Steven J. Tallarida, "Spirus"). The acquisition was implemented through Gyrus ACMI, Inc., a consolidated subsidiary of Olympus based in the U.S., with the aim of acquiring Spirus' endoscope insertion assistance technology.
As a precision technology leader, designing and delivering innovative solutions in Medical and Surgical products, Olympus is focused on maximizing the effectiveness and efficiency of endoscopic observation, diagnosis and treatment on behalf of physicians worldwide through the advancement of endoscope technology. The acquisition of Spirus supports this strategy as it will enable Olympus to explore new technologies for future generations of endoscope products.
Spirus, which joins the Olympus Group as a newly acquired consolidated subsidiary, has commercialized devices which aid in the insertion and advancement of endoscopes for upper and lower endoscopy. Spirus' manual rotation devices developed in 2006, were used in conjunction with a conventional endoscope; last year, the company succeeded in developing a powered spiral endoscope insertion technology driven by an integral motor incorporated into a propriety endoscope design.
The powered technology consists of a rotatable soft spiral incorporated on the insertion tube of endoscopes to facilitate deep insertion of endoscopes within a shorter amount of time, as compared to conventional endoscopes.
Olympus aims to develop new endoscopic systems by combining Spirus technology with its own endoscopic system technology. Olympus is also committed to adding value to endoscopic observation, diagnosis and treatment by continuously enhancing its offerings to customers, and by helping them exceed their patients' expectations by increasing efficiency and simplicity of endoscopic examinations.
"We are very happy to welcome Spirus to the Olympus Group," commented Haruhito Morishima, Executive Vice President and Group President of Olympus' Medical Systems Group. "The endoscope insertion technology has great potential to enhance the possibilities of endoscopy. I am confident that by combining this excellent technology with our own endoscopic technology, we will be able to add new value to endoscopic observation."
Steven J. Tallarida, President of Spirus, stated, "Spirus is extremely pleased to join with the pioneer and leader in endoscopic technology, and is excited to be part of the development of the next generation of endoscopic technology to benefit patient care."
About Olympus Corporation
Tokyo-based Olympus Corporation, TSE 7733, is a precision technology leader, designing and delivering innovative solutions in its core business areas: medical and surgical products, life science imaging systems, industrial measurement and imaging instruments, and cameras and audio products.
Olympus works collaboratively with its customers and its affiliates worldwide to leverage R&D investment in precision technology and manufacturing processes across diverse business lines.
For more information, visit www.olympus.com.
About Spirus Medical, Inc.
Founded in 2005 and headquartered in Stoughton, MA, just outside Boston, Spirus Medical, Inc. has developed a family of revolutionary new medical devices that enable physicians to better access the gastrointestinal (GI) tract for the diagnosis and treatment of GI disorders.
Spirus' endoluminal platform technology utilizes a spiral element on a tubular device that produces forward motion, gathering and stabilization within anatomical lumens of the body. This one-of-a-kind, new technology also shows great promise for, and is being applied to, other medical specialty areas where there is a need for greater access, such as urology and gynecology.
Spirus is an ISO13485:2003 certified company.
|Corporate Name:||Spirus Medical, Inc. (http://www.spirusmed.com)
The company will be renamed Olympus Endo Technology America Inc. after becoming a consolidated subsidiary.
|President:||Steven J. Tallarida|
|Address:||375 West Street, West Bridgewater, MA 02379-6675|
|Establishment Date:||January 21, 2005|
|Business Activities:||Development, manufacture and sale of endoscope insertion assistance devices.|
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