Lemaitre Vascular (LMAT) Announces Acquisition of ProCol Vascular Bioprosthesis from Hancock Jaffe

LeMaitre Vascular, Inc. (Nasdaq: LMAT) announced that it has acquired the ProCol Vascular Bioprosthesis product line from Hancock Jaffe Laboratories, Inc. for $665,000 plus a three year royalty. Simultaneously, LeMaitre Vascular purchased from CryoLife, Inc. finished goods inventory and other ProCol related assets for $2,035,000.

ProCol is a biological (bovine) graft indicated for vascular access subsequent to at least one failed prosthetic access graft. The ProCol device received PMA approval from the FDA in 2003. In 2015, hospital sales of ProCol were approximately $1.3 million, all in the United States.

Dave Roberts, LeMaitre Vascular’s President, commented, “ProCol is a natural companion to our XenoSure bovine vascular patch. This acquisition represents another addition to our biologics platform, following our acquisitions of XenoSure in 2012 and the OmniFlow II biosynthetic graft in 2014.”

In conjunction with the acquisition, Hancock Jaffe Laboratories will provide manufacturing transition services to LeMaitre Vascular from its production facility in Irvine, CA for up to five years.

Business Outlook

Guidance on how this acquisition may affect LeMaitre Vascular’s 2016 revenue and operating income expectations will be provided at the Company’s Q1 2016 earnings call on May 2.

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