Merger Proposal Ended: Advanced Interventional Systems Inc....
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Merger Proposal Ended: Advanced Interventional Systems Inc. and Spectranetics Corp. said Monday that they will terminate a merger proposal announced last month. Both companies make laser systems for clearing blocked arteries in the heart.
“We thought it made a great deal of sense to combine the two companies,” said Richard Crosby, chief financial officer for Irvine-based Advanced Interventional, “but in doing our due diligence, we found some things about their company we didn’t like, and they found some things about our company they didn’t like.” Crosby declined to give details.
In March, Advanced Interventional filed a lawsuit against Spectranetics alleging that the Colorado Springs company violated four of its patents. “We put the lawsuit on hold pending a resolution of our merger, but now we probably will reinstate the suit,” Crosby said.
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