Arden Hills medical device maker acquired by Calif. firm
- Article by: JAMES WALSH
- Star Tribune
- December 31, 2012 - 8:14 PM
Exos Corp., a small Arden Hills company that makes adjustable casts to stabilize fractures and other injuries, has been acquired by San Diego-based DJO Global.
Fariborz Boor Boor, president and CEO of Exos, said the deal will enable his company's unique and cost-effective technology -- casts that can be reshaped and reformed with heat -- to reach a much broader population of patients and physicians. Terms of the deal were not disclosed.
DJO, Boor Boor said, is the largest maker of medical braces and supports in the country.
"You have the potential to grow many, many fold," he said of DJO. "It was the best company for us to team up with."
The deal that closed Friday was an evolution of an earlier agreement. In September 2011, DJO and Exos agreed to make the California company the exclusive distributor in North America and South America of Exos products used to treat upper extremities.
Under the acquisition agreement, Boor Boor said Exos "will stay as it is. Same people, same location, same everything. My work is not finished yet."
Boor Boor co-founded the company in 2007. In 2009, it sold its first products and revenue has "increased exponentially ever since," he said. He characterized revenue as growing from about $1 million at the end of 2009 to the tens of millions now.
The Exos technology offers a waterproof, removable, adjustable and reformable way to brace injuries that range from fractures to torn ligaments and sprains. The material Exos uses is hard at room temperature, but after it is heated up to 200 degrees, it becomes soft and malleable. It cools to its original hardness in just a few minutes and can be reheated, reshaped and reused a limitless number of times, Boor Boor said, making it a cost-effective alternative to traditional casts.
If a limb swells, the cast can be adjusted to be larger. If muscles decrease, it can be made smaller.
"This is a very, very unique technology," he said. "We more than likely will become the gold standard for fracture management."
DJO Global is a $1 billion orthopedic support company that makes more than 1,000 devices.
"It has been a pleasure working with Exos over the past 15 months," said Steve Ingel, president of DJO Global's Bracing and Supports business unit. "With the combination of Exos' unique technology and our distribution network, we have been able to make significant headway in the marketplace. We welcome the entire Exos team to our DJO Global family and look forward to working together with them to launch more products incorporating the Exos technology to more customers."
James Walsh 612-673-7428
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