Imagyn Medical to Sell Line of Surgical Devices

Imagyn Medical Technologies Inc. in Irvine said Tuesday that it has agreed to sell its remaining line of minimally invasive surgery devices to a New York maker of surgical tools for $30.5 million in stock.

Imagyn said in a press release it will sell the business to ConMed Corp. in Utica for 1.3 million shares of ConMed stock, which rose 68 cents Tuesday to close at $23.49 a share on Nasdaq. Imagyn stock has been delisted.

Late last year, ConMed bought a portion of Imagyn’s surgery devices for $6 million and agreed to pay an additional $2 million if sales goals are met within a year.

ConMed estimated the latest acquisition will add $18 million to $20 million in sales in the 12 months after closing, which is expected in four weeks, and add 5 cents to 2002 per-share earnings. ConMed should earn $1.71 a share in 2002, according to the average estimate of three analysts polled by First Call/Thomson Financial.