Forays into non invasive equipment for diagnosis of vascular disease
North Kingstown, Rhode Island, USA | Bengaluru, Karnataka, India
Opto Circuits (India) Limited (OCI), a leading developer and manufacturer of patient monitoring systems and interventional products, today announced the 100 percent acquisition of the capital stock of US-based Unetixs Vascular, Inc, a specialist in the detection of peripheral arterial disease (PAD), for a cash consideration of approximately USD 9.7 million. OCI will fund the acquisition through internal accruals. Unetixs designs, develops and markets a full line of world class, vascular diagnostic systems and accessories. Their products can be found at major hospitals and teaching institutions across the United States. The products cover a wide range of applications from high-end vascular diagnostic systems to fully self-contained low-cost diagnostic stations. Unetixs’ equipment is used in physician offices, vascular labs, hospitals and mobile testing units by such diverse professionals like vascular surgeons, cardiologists, primary care physicians, endocrinologists, podiatrists and technologists. Unetixs’ special interest in the detection of peripheral arterial disease (PAD) has made it a marquee name and a world leader in the field. PAD is a growing health concern across demographics. Early detection of the disease, with equipment developed by Unetixs, greatly enhances the chances of successful treatment and management of the problem.
“Access to the state-of-the-art PAD detection technology of Unetixs Vascular is a key milestone for Opto. It will allow us to now offer to the world, diagnostic products from Unetixs and treatment products provided by Eurocor, our European subsidiary. We also expect the Unetixs product line to open doors for our Criticare range of patient monitors in key US healthcare establishments”, stated Vinod Ramnani, Chairman and Managing Director, Opto Circuits India. “We welcome the Unetixs team to the Opto Group and we are confident of it playing a significant role in the growth of our business”, continued Mr. Ramnani.
Peter A Moscovita, President & CEO, Unetixs Vascular, commented, “We are delighted at becoming a part of the Opto family. Having grown Unetixs from a very humble beginning in 1988, we have gained immense reputation and respect from many medical institutions throughout the United States as well as other locations worldwide. Our high-quality products and innovative designs put Opto Circuits in a position to capture the growth potential as it continues in the PAD market. Unetixs holds 14 patents worldwide and is driven by a strong R&D team based out of RI.
The company employs a highly trained sales force which includes 7 direct sales representatives, 12 independent manufacturer’s representatives throughout the United States and International offices based out of England; it also works with several distributors around the world. PRESS RELEASE OCI: Plot No.83, Phase I Electronics City, Bengaluru 560 100 Unetixs Vascular: 125 Commerce Park Road, North Kingstown, RI 02852
About: Unetixs Vascular, Inc. US based Unetixs Vascular Inc. designs and manufactures technically advanced, non-invasive vascular diagnostic systems. The products cover a wide range of applications from high-end vascular diagnostic systems to fully self-contained low-cost diagnostic stations and are sold in international markets. Some of their key diagnostic products are REVO 1100, MultiLab Series II LHS/IMG and MultiLab 2-CP. The promoters of Unetixs are Mr. Peter Moscovita, Mr. Anthony Castillo and Mr. John Haefele. Visit us at www.unetixs.com
About: Peripheral Arterial Disease (PAD) PAD includes all diseases caused by the obstruction of large arteries in the arms and legs. According to a report by iData Research on U.S. Market for Peripheral Vascular Devices 2009, an estimated 10 million people in the U.S. suffer from lower-limb PAD, with less than 20 per cent of these diagnosed by a physician. According to a new report by iData Research, published in May 2010, the U.S. peripheral vascular device market is worth $2.8 billion with expected growth to over $5.3 billion by 2016. About: Opto Circuits (India) Ltd.
Opto Circuits (India) Ltd. (OCI) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI), headquartered in Bengaluru, Karnataka, India, is an MNC in the business of design, development, manufacturing and marketing of non-invasive healthcare equipment and invasive vascular products. The product profile includes digital thermometers, sensors, pulse oximeters, patient monitoring systems, gas analyzers, stents and catheters. The Group consists of 11 subsidiaries and has a consolidated turnover of Rs.1077 crores (FY2010). The company’s key markets are in the US, Europe and Asia. OCI was ranked as one amongst 200 Best Under a Billion companies in AsiaPac by Forbes Asia in 2009 and 2008.
Visit us at www.optoindia.com