As part of the deal, Utica, N.Y.-based ConMed’s PlazXact Ablator will be marketed as the UltrAblator Bipolar series, effective March 2017, according to Bovie Medical.
“Partnering with a company of ConMed’s reputation builds on Bovie’s strategy to scale our innovative products through strategic sales channel partnerships that provide immediate access to large addressable markets. We are proud to add our ablator to ConMed’s highly-recognized family of brands that have been at the forefront of technological innovation for a growing range of minimally invasive and orthopedic surgery procedures,” Bovie Medical CEO Robert Gershon said in a press release.
“We are excited to execute this agreement, which allows our global salesforce to offer this complementary product to our existing array of ablation offerings. The UltrAblator is an innovative and economical option that is highly compatible with customers’ existing electrosurgical equipment. This agreement is in line with our commitment to providing a full range of ablator products that cover a variety of arthroscopic procedures for small and large joints, and are competitively priced to enable the surgeon and facility to share in cost savings,” ConMed orthopedic division GM & VP Nate Folkert said in prepared remarks.
Last November, Bovie Medical said it closed a $6 million funding round, floating 1.63 million shares of stock at $4 per share.
The round also included a secondary offering of 1.63 million shares made by certain stockholders of the company, Clearwater, Fla.-based Bovie Medical said in an SEC filing.
Net proceeds, after deducting discounts, commissions and expenses from the primary offering are expected to be $6 million, while all proceeds raised by the secondary offering will go to the selling stockholders.