AngioDynamics Buys New Catheter Line for $1.75M

Medical device maker AngioDynamics Inc. has purchased a line of catheter products from FlowMedica Inc., which has pioneered a new way to deliver drugs to the kidney.

The Queensbury-N.Y.-based company will pay $1.75 million in cash for FlowMedica’s Benephit product line, plus a payment that will be contingent on future product sales. 

AngioDynamics CEO Eamonn Hobbs said the product line has the potential to address the needs of patients at risk for acute kidney injury, which can result from common medical procedures and is also associated with certain medical conditions.

Benephit uses a catheter system to send drugs through renal arteries either on its own or at the same time as other interventional and surgical procedures.

About $3 million in sales are expected to kick in during the 2010 fiscal year, according to a prepared statement from AngioDynamics. The acquisition is the most recent of many for AngioDynamics.

In an interview last month, AngioDynamics CEO Eamonn Hobbs noted the potential for continued acquisitions due to the weak economy. He called it a “buyer’s market.”

AngioDynamics has hired 10 FlowMedica employees and plans to keep operating from FlowMedica’s Fremont, Calif., office.