July 22, 2009 (FinancialWire) — Synovis Life Technologies, Inc. (NASDAQ: SYNO) has completed its purchase of substantially all the assets of Pegasus Biologics, Inc., a privately held medical device company, for $12.1 million in cash.

Pegasus Biologics is focused on the development of advanced biological solutions for soft tissue repair. Synovis said it will retain Pegasus’ manufacturing operations in Irvine, California, and operate the acquired assets as a separate division.

Richard W. Kramp, Synovis Life Technologies president and chief executive officer, said, said that the company has hired 25 employees most critical to resume production, regulatory and clinical affairs, quality and customer service at Pegasus. The new hires began work as Synovis employees this week.

In 2008, Pegasus posted $9.1 million in revenue and had about 75 employees at year-end. Around 10,000 patients have been treated with Pegasus’ equine pericardial products in various orthopedic and complex wound applications from March 2006 to May 2009.

The acquired assets include two commercialized products. The first, the OrthAdapt Bioimplant, is an equine pericardial-based scaffold developed for orthopedic surgical applications, including rotator cuff and Achilles tendon repair, where there is a clinical need to reinforce the repair.

Unite Biomatrix, the other commercialized product, is an equine pericardial-based wound dressing that provides a treatment alternative for chronic wounds, such as diabetic foot ulcers and pressure ulcers, which are worldwide healthcare concerns.

St. Paul. Minnesota-based Synovis Life Technologies is a medical device company that develops, manufactures and markets medical devices for the surgical treatment of disease.

The company’s products include implantable biomaterials for soft tissue repair, devices for microsurgery and surgical tools.

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