CryoLife Picks Up Genesee BioMedicals’ PhotoFix Patch

CryoLife, a devicemaker and cardiac tissue processing company, has scooped up the PhotoFix bovine pericardium patch from Genesee BioMedical for a total of $2.3 million in cash.

The company gained distribution rights and purchase option for the patch back in August 2014, which realized $1.4 million in sales last year, according to CryoLife Chairman, President and CEO J. Patrick Mackin.

Genesee will supply the patch for Cryolife until it establishes a manufacturing framework at its facilities in Atlanta. — Anisa Jibrell