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Theragenics Corporation (ticker: TGX, exchange: New York Stock Exchange (.N)) News Release - 9-May-2005
 Theragenics Corporation Acquires CP Medical; Deal Provides New Products, New Markets and New Platforms for Growth |
BUFORD, Ga., May 09, 2005 (BUSINESS WIRE) -- Theragenics Corporation(R) (NYSE: TGX), the Georgia-based manufacturer and marketer of TheraSeed(R), the premier palladium-103 cancer treatment device, today announced the acquisition of CP Medical, a medical device company, for approximately $19,150,000 in cash and 1,885,370 shares of Theragenics'(TM) common stock valued at approximately $6,250,000, for a total purchase price of approximately $25,400,000. The $6,250,000 in Theragenics'(TM) stock was calculated over a 20-day period from March 28, 2005 through April 22, 2005.
With 2004 revenues of approximately $9.6 million and net income before income taxes of approximately $1.7 million, Theragenics(TM) expects this acquisition to be accretive to net income in 2005. CP Medical has no significant debt on its books.
Theragenics Corporation(R) is committed to being a leading provider of brachytherapy treatment devices for prostate cancer and other degenerative disease states. The Company is the manufacturer and marketer of the palladium-103 device TheraSeed(R) and I-Seed, an iodine-125 based device. Both devices are used in the treatment of localized prostate cancer in one-time, minimally invasive procedures. Theragenics(TM) is the world's largest producer of palladium-103 and is involved in research and development utilizing palladium-103 and other isotopes for the treatment of a wide variety of diseases, including macular degeneration. For additional information on the Company, call Theragenics'(TM) Investor Relations Department at (800) 998-8479. The Company's common stock is traded on the New York Stock Exchange under the symbol TGX. Additional information can be found on the Company website: www.theragenics.com.
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CP Medical, headquartered in Portland, Oregon, is a manufacturer and supplier of innovative sutures, cardiac pacing cables, brachytherapy needles/sleeves/spacers, and other related medical products sold in the professional surgical and veterinary fields. CP Medical is FDA registered and 13485 certified.
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the contribution of CP Medical to Theragenics'(TM) sales, accretive impact on net income, and future growth. The accuracy of forward-looking statements is necessarily subject to risks and uncertainties, including, without limitation, successful integration of CP Medical into the Theragenics'(TM) organization, capitalization on opportunities for growth within the CP Medical business plan, ability to recognize value from areas of shared expertise, and anticipated positive results in general. Actual results may be affected by, among other things, risks and uncertainties related to competition within the medical device industry, integration risks, development and growth of new applications within the markets for wound closure, brachytherapy and more broadly, medical devices, competition from other companies within the wound closure and medical device markets, competition from other methods of treatment, new product and process development cycles, potential costs and delays associated with expansion and executing growth strategies, potential costs and delays in production optimization, effectiveness and execution of marketing and sales programs, changes in pricing of raw materials or changes in relationships with key suppliers, third-party (including CMS) reimbursement, Congressional action affecting Medicare reimbursement, physician training, third-party distribution agreements, and other factors set forth from time to time in the Company's Securities and Exchange Commission filings.
All forward looking statements and cautionary statements included in this document are made as of the date hereby based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward looking statement or cautionary statement.
SOURCE: Theragenics Corporation
Theragenics, Buford
Bruce W. Smith
or
Lisa Rassel, 800-998-8479 or 770-271-0233
www.theragenics.com |
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