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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 26, 1998
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Xomed Surgical Products, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
000-21517 06-1393528
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(Commission File Number) (I.R.S. Employer Identification No.)
6743 Southpoint Drive North
Jacksonville, Florida 33216-0980
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(Address of principal executive offices)
Registrant's telephone number, including area code: (904) 296-9600
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On June 26, 1998, Xomed Surgical Products, Inc. (the "Company") issued a press
release announcing that the Company has entered into a distribution and
licensing arrangement with ArthroCare Corporation. A copy of the press release
is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of businesses being acquired:
Not Applicable.
(b) Pro forma financial information: Not Applicable.
(c) Exhibits:
99.1 Press Release issued by the Company, dated June 26, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
XOMED SURGICAL PRODUCTS, INC.
Dated: June 26, 1998 By: /s/ Thomas E. Timbie
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Thomas E. Timbie
Vice President, Finance and
Chief Financial Officer
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For Immediate Release
XOMED ANNOUNCES DISTRIBUTION ARRANGEMENT WITH ARTHROCARE
JACKSONVILLE, FL., June 26, 1998-Xomed Surgical Products, Inc. (NASDAQ-XOMD), a
leading manufacturer of surgical products for use by ear, nose and throat (ENT)
physicians, today announced that it has entered into a worldwide distribution
and license arrangement with ArthroCare Corporation (NASDAQ-ARTC) in Sunnyvale,
CA. The companies have signed a binding term sheet with the intention of
reaching a definitive agreement in the near future.
ArthroCare has granted an exclusive worldwide five-year license to Xomed to
distribute products into the ENT market incorporating ArthroCare's Coblation(TM)
technology. Coblation utilizes radiofrequency (RF) energy to remove or shrink
tissue through a cooler process that is less traumatic than that of traditional
electrosurgery or lasers. The system consists of a controller which regulates
the energy being delivered to the surgical instrument and a variety of procedure
specific disposable wands. Under the agreed terms, Xomed will work with
ArthroCare to develop products utilizing this technology for application in
sinus surgery, sleep apnea, snoring relief, wrinkle removal and a less painful
tonsillectomy procedure. Products developed under the arrangement will be
manufactured by ArthroCare and distributed exclusively through the Xomed ENT
sales forces. Xomed distributes its products worldwide through an 82-person
direct sales force in the U.S. and selected other countries, as well as through
a network of over 130 independent distributors.
Xomed Surgical Products offers a broad line of products in its core ENT market
that includes powered tissue-removal systems and other microendoscopy products,
implantable devices, nerve monitoring systems and disposable fluid-control
products.
For further information contact:
Thomas E. Timbie
Vice President and Chief Financial Officer
Phone: (904)279-7525
Website: www.xomed.com
This press release contains statements which constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are subject to risks and uncertainties, including but
not limited to, the rapid technological change of products in the Company's
industry, uncertainties regarding market acceptance of products in development,
the impact of competitive products and pricing, reliance on outside parties,
uncertainty relating to third-party reimbursement and health care reforms, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
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