In Brief: Imagyn Medical Technologies
This article was originally published in The Gray Sheet
Imagyn Medical Technologies: Consolidation and cost-cutting effort announced Jan. 21 includes plans to close the firm's Laguna Niguel, California plant and move its endoscope manufacturing facility to Costa Mesa. Imagyn will lay off about 120 people as part of the consolidation, which "along with other cost cutting measures" will cut expenditures by about $18 mil. a year, the firm estimates. The move follows the Oct. 1 acquisition of Imagyn Medical by Urohealth Systems ("The Gray Sheet" July 21, 1997, I&W-1) and represents "part of Imagyn's ongoing plan to integrate acquired companies into its mainstream businesses, thereby eliminating redundant staffing and facilities," Imagyn explains. Separately, Imagyn has inked a definitive agreement with International Isotopes that gives Imagyn exclusive worldwide marketing rights to radioactive seeds for treatment of prostate cancer. A March 510(k) submission is anticipated for an initial iodine 125 brachytherapy seed product...
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