Stereotaxis began a share purchase deal to acquire Access Point Technologies (APT), a privately-held developer of electrophysiology catheters.
 
Minnesota-based APT touts a portfolio of diagnostic catheters used in cardiac ablation procedures. The company said the catheters are particularly helpful for challenging and complex arrhythmias and are available globally.
 
Stereotaxis chairman and CEO David Fischel said the acquisition provides Stereotaxis with high-quality catheter development and manufacturing capabilities. He also said the deal will advance the company’s effort to treat complex arrhythmia treatment and adopt robotics broadly in endovascular surgery.
 
“The acquisition offers valuable commercial synergies, strengthens us strategically, and was pursued in a financially-prudent and shareholder-friendly fashion,” Fischel told the press.
 
The transaction includes upfront payment and further contingent payments based on achievement of certain regulatory and commercial milestones. Stereotaxis predicts APT will contribute about $5 million annual revenue during the first year following the acquisition, which is expected to close in Q3 of this year.
 
“We are very excited to join Stereotaxis,” said Steve Berhow, president of Access Point Technologies. “This acquisition provides the APT team with a great partner and expanded home in the growing field of Electrophysiology. It allows us to continue contributing our unique expertise in high-quality EP catheters while also playing a central role in an exciting new mission of pioneering endovascular robotics.”