December 23, 2008 - Volcano Corp., a manufacturer of products for the diagnosis and treatment of coronary and peripheral artery disease, said today that it has entered into a definitive agreement to acquire Axsun Technologies Inc., a privately-held company that is a developer and manufacturer of lasers and optical engines used in medical optical coherence tomography (OCT) imaging systems and advanced photonic components and subsystems used in other industrial applications.
Axsun currently has development partnerships with companies serving the cardiology and dental markets and expects the launch of the first medical imaging systems utilizing its technology during the first half of 2009. Volcano said it plans to utilize new integrated versions of Axsun's advanced tunable laser and optical engine technology in the development of certain new OCT imaging systems. Axsun also offers devices for industrial applications and the telecommunications network sector, where it has an estimated 50 percent share of the high-performance segment of the optical monitoring market. The company has more than 90 US patents issued, with another 40 pending, and has approximately 85 employees. Axsun recorded revenues from continuing operations in excess of $18 million in calendar 2007.
Under terms of the acquisition agreement, Volcano will pay approximately $21.5 million in cash at closing, which is expected to occur next week. Axsun will operate as a wholly-owned subsidiary of Volcano.