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OrthoLogic Rehab Divestiture Will Fund Chrysalin Osteobiologics Development

This article was originally published in The Gray Sheet

Executive Summary

OrthoLogic is planning to divest its $60 mil. orthopedic rehabilitation device business and use the proceeds for further development of the osteobiologic product Chrysalin, and to expand the company's remaining fracture healing and spinal repair business, including possible acquisitions.

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OrthoLogic Chrysalin Phase III Fracture Repair NDA Study To Begin This Fall

OrthoLogic believes that pursuing approval of its orthobiologic product Chrysalin through a new drug application (NDA) will enable fuller discussion of the product's method of action in marketing materials

OrthoLogic

Divestiture of the firm's continuous passive motion (CPM) orthopedic rehabilitation device business to OrthoRehab, Inc., is outlined in a definitive agreement announced May 9. Terms of the deal are not being disclosed, but OrthoLogic expects total consideration of $15-18 mil. Plans to seek a buyer for the business were first announced in January (1"The Gray Sheet" Jan. 29, 2001, p. 14). OrthoLogic plans to refocus on devices for fracture healing and spinal repair. A loss of $3-5 mil. will be recorded on the sale of the business assets upon closing, expected in June, and an additional one-time charge of $7-10 mil. will cover other costs associated with the divestiture

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