Stryker Corporation Acquires BioDuct® Technology
True North advised BioAvascular Solutions, LLC (formerly known as BioDuct, LLC), a subsidiary of Schwartz Biomedical, in the sale of company assets to Stryker Orthopaedics, of Mahwah, New Jersey. Although the sale of the assets was completed in October 2007, public announcement was made to coincide with the product launch.
The patented BioDuct® technology allows orthopaedic surgeons to repair the shock absorbing cartilage (meniscus) in the knee instead of removing it. Prior to the BioDuct® device, surgeons had no option but to excise the damaged portions of the meniscus, and this, unfortunately for the patient, can lead to (osteo)arthritis and even total knee replacement.
According to Dr. Herb Schwartz, president of BioAvascular Solutions and Schwartz Biomedical, “We are very excited to have Stryker Orthopaedics launch this technology into the market. Stryker is an excellent strategic partner and will provide the enhanced distribution and marketing expertise for BioDuct® products. With their broad and experienced sales force and market presence, our confidence is high that the right surgeons will have access to this technology and patients can ultimately receive the benefit.”
As a result of this transaction, BioDuct, LLC has changed its name to BioAvascular Solutions, LLC and will retain the rights to certain applications of the technology.