Volcano Corp. to buy Israeli firm

Volcano Corp., a San Diego maker of cardiac catheter devices, said Friday it has agreed to acquire Sync-Rx for about $17.3 million.

Privately held Sync-Rx, based in Israel, makes software for enhancing images from X-Rays or imaging catheters used in cardiac procedures. The company was founded in 2007. The deal is expected to be completed within 30 days.

« Sync-Rx’s technology provides Volcano with a platform on which to build a range of advanced software features that will aid clinical decision-making by providing angiography and intra-body image enhancement, measurements and non-invasive imaging and intravascular co-registration capabilities,” said Scott Huennekens, chief executive of Volcano, in a statement.

Huennekens also noted that the company’s technology has future applications beyond cardiac care.

Sync-Rx will remain in Israel, where it will operate as a wholly-owned subsidiary of Volcano. Substantially all of Sync-Rx employees are expected to remain, Volcano said in a filing with the U.S. Securities and Exchange Commission.

The purchase price will be adjusted to subtract certain transaction costs and any unpaid Sync-Rx debt remaining at the time of closing. Volcano will assume $1.9 million in grant repayment obligations to the Israeli government.

Volcano’s shares closed Friday up 41 cents at $27.31 on the Nasdaq exchange.


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