Uroplasty and Vision-Sciences Complete Merger
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Creates New Medical Device Company: Cogentix Medical, Inc.
Cogentix shares will begin trading under symbol CGNT on April 1, 2015
MINNEAPOLIS and ORANGEBURG, N.Y. –Â Uroplasty, Inc. (NASDAQ: UPI) and Vision-Sciences, Inc. (NASDAQ: VSCI) today announced the completion of their merger. The merger was originally announced in December 2014, and completion of the all-stock combination creates a new medical device company named Cogentix Medical, Inc. Beginning on April 1, 2015, Cogentix Medical, Inc. will trade on the NASDAQ under the symbol CGNT. Cogentix Medical will have its U.S. headquarters in Minnetonka, MN, where Uroplasty's current headquarters is located.
"The completion of our merger with Vision-Sciences and the creation of Cogentix Medical marks another milestone on our path to accelerating revenue growth and broadening our product offerings to our physician clients," said Rob Kill, President and CEO of Cogentix. "We remain highly confident in the future growth prospects for Cogentix Medical and look forward to working with the team members of the former Vision-Sciences to complete our integration plans and to realize the significant synergies the merger is expected to create."
Cogentix Medical is expected to generate revenue of approximately $50 million for the fiscal year beginning April 1, 2015, as well as realize cost synergies of approximately $3 million.
Uroplasty's financial advisor was Piper Jaffray Co. and its legal advisor was Oppenheimer Wolff Donnelly LLP. Vision-Sciences' financial advisor was Leerink Partners LLC and its legal advisor was Royer Cooper Cohen Braunfeld LLC.
About Cogentix
Cogentix Medical, Inc., headquartered in Minnetonka, Minnesota, with operations in New York, Massachusetts, The Netherlands and the United Kingdom, is a global medical device company. We design, develop, manufacture and market products for flexible endoscopy with our unique product lines featuring a streamlined visualization system and proprietary sterile disposable microbial barrier, known as EndoSheath technology, providing users with efficient and cost effective endoscope turnover while enhancing patient safety. We also commercialize the Urgent® PC Neuromodulation System, an FDA-cleared device that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder (OAB). OAB is a chronic condition that affects approximately 42 million U.S. adults. The symptoms include urinary urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on Cogentix and our products, please visit us at www.cogentixmedical.com.
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Doug Sherk/Brian Moore (Investors)
415-652-9100/310-579-6199
Janine McCargo (Media)
646-688-0425
SOURCE Uroplasty, Inc.
Web Site: http://www.cogentixmedical.com
