Tampa, Fla. – (February 11, 2005) – Proxima Therapeutics, Inc., a Lovett Miller & Co. portfolio company that provides a patented medical delivery system for booster doses of radiation to resected tumor spaces for brain and breast cancer patients, has entered into a definitive agreement to be acquired by Cytyc Corporation (Nasdaq: CYTYC), a leading women’s health company. Under the terms of the agreement, Proxima will be acquired by Cytyc in an all cash transaction for a purchase price of $160 million plus a two-year earnout based on incremental sales growth in 2005 and 2006.
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States with a particular emphasis on technology-enhanced service companies and healthcare firms. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $5 to $15 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information, visit www.lovettmiller.com.
About Proxima Therapeutics
Established in 1995, Alpharetta, Georgia-based Proxima Therapeutics, Inc. (http://www.proximatherapeutics.com) is a privately held medical device company that develops and markets innovative radiation delivery systems for the treatment of solid cancerous tumors, with an initial focus on brain and breast cancer. Proxima's systems address an unmet clinical need for brain and breast radiation therapy by allowing physicians to deliver a higher and more targeted dose of radiation. This approach reduces treatment time, minimizes exposure to healthy tissue and reduces the potential for unwanted side effects. Proxima's proprietary, single-use devices position radiation directly within the post-surgical cavity, delivering radiation to the tissue that is at the highest risk for recurrence while minimizing damage to healthy tissue. The Company commenced sales of the GliaSite® Radiation Therapy System (RTS), used in the treatment of malignant brain tumors, following Food and Drug Administration clearance in April 2001 and of the MammoSite® RTS, used in the treatment of early-stage breast cancer, following its clearance in May 2002.
About Cytyc Corporation
Cytyc Corporation (http://www.cytyc.com; Nasdaq: CYTYC) is a leading women's health company that designs, develops, manufactures, and markets innovative and clinically effective products. Cytyc products cover a range of women's health applications, including cervical cancer screening, breast cancer risk assessment, and treatment of excessive menstrual bleeding. The ThinPrep(R) System is the most widely used method for cervical cancer screening in the United States. The ThinPrep System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, ThinPrep(R) Imaging System, and related reagents, filters, and other supplies. The ThinPrep System also provides the platform from which the Company launched its expansion into breast cancer risk assessment with the FirstCyte(R) Breast Test. Cytyc Surgical Products, a wholly owned subsidiary of Cytyc Corporation, manufactures and markets the NovaSure(R) Impedance Controlled Endometrial Ablation System, or the NovaSure(R) System, an innovative endometrial ablation device to treat menorrhagia, or excessive menstrual bleeding. Cytyc is traded on The Nasdaq Stock Market under the symbol CYTC. Cytyc, ThinPrep, FirstCyte, and NovaSure are registered trademarks of Cytyc Corporation.