January 7, 2009 -- San Diego -- Volcano Corporation (Nasdaq: VOLC), a leader in the development, manufacturing and sales of products for the diagnosis and treatment of coronary and peripheral artery disease, said today that it has closed its previously announced acquisition of Axsun Technologies, Inc.
Axsun is a leading 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.
Under the terms of the acquisition agreement, which was announced on December 23, 2008, Volcano paid approximately $21.5 million in cash at closing. Axsun will operate as a wholly-owned subsidiary of Volcano. Volcano said it believes Axsun's proprietary OCT technology will accelerate its OCT product development programs and provide the company competitive advantages in the invasive imaging sector.
Volcano Corporation
Volcano Corporation (Nasdaq: VOLC) offers a broad suite of devices designed to facilitate endovascular procedures, enhance the diagnosis of vascular and structural heart disease and guide optimal therapies. The company's intravascular ultrasound (IVUS) product line includes ultrasound consoles that can be integrated directly into virtually any modern cath lab. Volcano IVUS offers unique features, including both single-use phased array and rotational IVUS imaging catheters, and advanced functionality options, such as VH(R) IVUS tissue characterization and ChromaFlo(R). Volcano also provides functional measurement (FM) consoles and single-use pressure and flow guide wires and is developing a line of ultra-high resolution Optical Coherence Tomography (OCT) systems and catheters. Currently, more than 3,700 Volcano IVUS and FM systems are installed worldwide, with approximately half of its revenues coming from outside the United States. For more information, visit the company's website at http://www.volcanocorp.com
Axsun Technologies, Inc.
Axsun Technologies, Inc., established in 1998, develops and manufactures MEMS-based lasers and optical engines used in OCT imaging systems, micro-optical spectrometers and optical channel monitors for pharmaceutical, chemical and petrochemical and telecom network applications. Through its expertise in micro-optics, packaging and precision engineering, Axsun has pioneered an entirely new class of high-performance, miniaturized spectroscopic instruments and devices enabling a dramatic shift from lab-based measurements to on-line and at-line measurements, without compromising performance. Further information can be found at http://www.axsun.com
Source: Volcano
Corporation
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