TriStar has invested $3,075,000 in cash to purchase all the shares of HemCon and take over its entire medical device business.
HemCon, which will henceforth operate as TriStar’s wholly-owned subsidiary, owns a world-class manufacturing facility that develops a hemorrhage-control bandages under the funding by US Department of Defense (Dod).
With the support of DoD, the company has developed a process that involves the incorporation of a naturally antibacterial substance called chitosan – found in shrimp shells – into bandages to control severe bleeding.
These bandages became standard-issue hemorrhage-control for American soldiers fighting in Iraq and Afghanistan between 2003 and 2008, and also earned a reputation for saving hundreds of lives on the battlefield, said TriStar.
HemCon has three facilities at Portland, Ireland and the Czech Republic, and maintains a diversified portfolio comprising the emergency medical, surgical, dental, military and OTC markets in the US and globally.
All products will be part of TriStar, with the exception of HemCon’s freeze-dried plasma development programme, which was spun off from the company.
TriStar Wellness Solutions president and CEO John Linderman said TriStar’s plans to grow its consumer and professional wound care portfolio and become a key player in the $17bn global wound care market, and HemCon will provide a platform for this.
"HemCon’s products, technologies and best-in-class manufacturing capability will enable the company to grow market share through innovations designed to meet the needs of underserved consumer and professional markets," said Linderman.
"HemCon provides TriStar Wellness Solutions an ongoing revenue base with significant near and long-term growth potential."
TriStar plans to implement strategies to leverage HemCon for aggressive commercial success across a broad range of innovative technology applications within the US and global markets.
Barry Starkman, who will retain his current position as president and chief executive officer of HemCon post-acquisition, said the company is looking forward to launch an important new phase with the acquisition by TriStar.
"Under TriStar ownership, HemCon will continue its mission to provide medical practitioners worldwide with the highest-quality, most cost-effective solutions to bleeding and wound care in all medical settings, from the emergent trauma through the OR to post-surgical care, and to continue to provide quality products for the OTC market," Starkman said.
Image: TriStar president and CEO John Linderman said the acquisition will help the company to become a key player in the global wound care market. Photo: Courtesy of TriStar Wellness Solutions, Inc.