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Deerfield Completes Purchase of IMRIS

Court approves transaction to investment management firm 

MINNEAPOLIS, MN, August 19, 2015 – Deerfield Imaging (“Deerfield Imaging” or “the Company”) today announced completion of the acquisition of certain assets and liabilities of IMRIS Inc. Through this transaction, Deerfield Imaging purchased substantially all of the IMRIS® global imaging and service operations.   

Deerfield Imaging is a wholly owned business of Deerfield Management Company, L.P. (“Deerfield”), a healthcare-focused investment firm that has been a lender to IMRIS since 2013.  Deerfield was the prevailing bidder on July 24 in the sale of IMRIS Inc. through Chapter 11 proceedings. On August 12, the United States Bankruptcy Court for the District of Delaware approved the transaction.

“We are excited to now be wholly owned by Deerfield whom we’ve worked closely with for two years,” said Deerfield Imaging President and CEO Jay D. Miller. “The entire transaction has been seamless in supporting our customers and strengthening the company. We are exiting bankruptcy with a cost structure, balance sheet and business focus that will allow us to compete effectively and profitably as a leading intraoperative solutions specialist. Top neuroscience centers equate the IMRIS brand with turnkey design services, program management, and clinical training that delivers smooth integration of imaging in the operating room. Deerfield Imaging will continue developing new products under the IMRIS brand and invest in clinical studies to demonstrate the clinical and economic value of IMRIS surgical solutions.”

Ted Huber, a partner at Deerfield, noted that the IMRIS image guided therapy solutions fit well with the firm’s dedication to advancing healthcare. “IMRIS is enhancing the quality of neurosurgical procedures and improving patient outcomes,” he said. “Nearly 20,000 patients have benefitted from procedures in VISIUS Surgical Theatres and we look forward to seeing that number continue to grow.”

About Deerfield Imaging and IMRIS Products

As a leader in image guided therapy solutions, IMRIS® products from Deerfield Imaging provide optimized fully integrated image-guided therapy environments that serve to address the important needs of patients, clinicians and hospitals by delivering timely information on surgical targets and results to clinicians for use during surgical or interventional procedures. The VISIUS Surgical Theatre incorporates MRI, CT and angiography into multi-purpose surgical suites to provide advanced intraoperative imaging directly in operating rooms. IMRIS products are sold globally to hospitals in the neurosurgical, spinal cardiovascular, and orthopedic markets. Learn more by visiting www.imris.com.

About Deerfield Management

Deerfield Management Company, LP is a healthcare investment firm focused on advancing healthcare through investment, information and philanthropy. For more information please visit www.deerfield.com.

For further information, please contact:

Jay D. Miller, President & CEO
Deerfield Imaging, Inc.
Tel: 763-203-6303
Email: jmiller@imris.com
 
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