Covington Associates Announces Role in Sale of Pluromed to Sanofi
Boston, MA (April 4, 2012) – Covington Associates announced it acted as exclusive financial advisor to Pluromed in its sale to Sanofi. Pluromed, who just recently received PMA approval for its LeGoo polymer technology has developed a proprietary polymer technology, called Rapid Transition Polymers (RTP.), pioneering the use of injectable plugs to improve the safety, efficacy and economics of medical interventions. Sanofi will commercialize Pluromed’s LeGoo, a highly innovative gel for temporary endovascular occlusion of blood vessels during surgical procedures.
“The acquisition of Pluromed underscores Sanofi’s commitment to strengthen its Biosurgery portfolio,” said Alison Lawton, Senior Vice President and General Manager, Sanofi Biosurgery. “LeGoo is a breakthrough technology with the potential to change the paradigm of vascular and cardiovascular surgical procedures, by providing fast, temporary control of blood flow while avoiding vessel trauma associated with standard of care.”
“The synergies between our companies were clear from the beginning,” said Jean-Marie Vogel, Chief Executive Officer of Pluromed, Inc. “We are confident that Sanofi has the expertise and resources necessary to bring LeGoo to market and drive adoption.”
“LeGoo represents a major advancement in surgical technology because of its ability to control bleeding without clamps or snares that can injure delicate blood vessels,” said Dr. William E. Cohn, Director, Minimally invasive Surgical Technology at the Texas Heart Institute in Houston and a member of Pluromed’s Board of Directors. “This breakthrough gives surgeons a way to temporarily stop blood flow into the surgical field which is imperative for clear visualization and accurate placement of sutures. I believe this technology will be widely adopted in cardiovascular surgery and perhaps in other fields in the future.”
Ben Dunn, lead advisor to Pluromed and Managing Director at Covington Associates, said, “Pluromed represents an excellent opportunity for Sanofi to grow its Biosurgery business. It will be exciting to see how quickly Sanofi can drive market adoption and develop new applications for this innovative technology.”
Pluromed, Inc., Woburn, Massachusetts, founded in 2003, is a medical technology company pioneering the use of injectable plugs to improve the safety, efficacy and economics of medical interventions. The Company develops, manufactures and markets a family of disposable medical devices and its core competencies lie in its proprietary polymer technology, the manufacturing of these polymers, and a robust understanding of their clinical applications due in part to its outstanding medical advisory board. The products are based on the Company.s patented rapid reverse thermosensitive polymer technology. The polymers are liquid at low temperature and quickly transition to a solid at body temperature. For more information, visit www.pluromed.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.