Medicor met handelsnaam PIP


In October 1999, June 2000 and July 2003, separate but related complaints were filed by Saul Kwartin, Steven M. Kwartin, and Robert and Nina Kwartin respectively, and various other unnamed plaintiffs, against III Acquisition Corporation, a Delaware corporation (which operates under the tradename PIP.America), a subsidiary of MediCor, as co-defendant with PIP/USA, Inc. and Poly Implants Prostheses, S.A., each unaffiliated with MediCor, and Jean Claude Mas and our chairman, personally, in the Circuit Court of Miami-Dade County, Florida. In the first two cases, plaintiffs purport to be shareholders of PIP/USA, Inc. suing derivatively on its behalf, and seeking to rescind various transactions between PIP.America and PIP/USA, Inc. and seek to impose liability against PIP.America and its co-defendants for unspecified monetary damages arising out of alleged tortuous and other purported wrongful acts concerning alleged relationships between plaintiffs, PIP/USA, Inc. and Poly Implants Prostheses. In the third case, filed in 2003, MediCor is named but has not yet been served, but does anticipate being a defendant.

Breast implant competition heats up

'Grandfather of the breast implant' seeks to penetrate U.S. market with next-generation saline.

September 21, 2005: 2:26 PM EDT

By Aaron Smith, CNN/Money staff writer

NEW YORK (CNN/Money) -

Artikel over overname van Eurosilicone door Medicor

MediCor Ltd. Subsidiary Obtains $20 Million Loan Facility

LAS VEGAS--(BUSINESS WIRE)--Sept. 13, 2004--MediCor Ltd. (OTCBB:MDCR) today announced that its French subsidiary ES Holdings SAS has signed a loan agreement with BNP Paribas providing for up to $20 million in financing. The loan agreement follows MediCor's recent acquisition of Laboratoires Eurosilicone SA, which is now wholly owned by ES Holdings. The loan agreement reflects the completion of MediCor's contemplated financing relating to the Eurosilicone acquisition.

The term of the loan agreement is for seven years and includes an initial funding of approximately $9.0 million, with additional availability of approximately $11.0 million to finance payments in connection with the Laboratoires Eurosilicone acquisition. Thomas Moyes, Chief Financial Officer of MediCor Ltd., said, "We are very pleased with our loan agreement with BNP Paribas, which represents a positive development for MediCor following its Eurosilicone acquisition. This new credit facility provides enhanced financial resources to support MediCor's continued growth and focus on its core aesthetic, plastic and reconstructive surgery markets worldwide. The loan agreement is consistent with MediCor's objectives to closely manage financial resources to operate efficiently and take advantage of business opportunities. We look forward to working with BNP Paribas." MediCor Ltd. Chief Executive Officer Theodore Maloney added, "The financing with BNP Paribas is yet another acknowledgement of the value of the Eurosilicone franchise, one we intend to leverage and integrate with the premier team in the breast implant industry led by Donald K. McGhan. This new capital will enable us to continue to advance the industry through unequaled innovation, marketing and support, hallmarks of the McGhan management strategy. We are delighted to expand Eurosilicone's relationship with BNP Paribas." About MediCor MediCor acquires, develops, manufactures and markets products for medical specialties in aesthetic, plastic and reconstructive surgery and dermatology markets. Its products are sold worldwide to hospitals, surgery centers and physicians through a combination of distributors and direct sales personnel. MediCor's objective is to be a leading supplier of selected international medical devices and technologies. To achieve this strategy, MediCor intends to build upon and expand its business lines, primarily in the aesthetic, plastic and reconstructive surgery and dermatology markets. MediCor intends to accomplish this growth through the expansion of existing product lines and offerings and through the acquisition of companies and other assets, including intellectual property rights and distribution rights. About Eurosilicone Eurosilicone, a wholly-owned subsidiary of MediCor Ltd., develops, manufactures and markets a full range of breast implants for the aesthetic, plastic and reconstructive surgery markets, including silicone gel and inflatable saline-filled breast implants, with both round and anatomical shapes, and smooth or unique micro-textured surfaces. Eurosilicone also markets a line of external breast prostheses under the Maxima brand sold by its Europrotex division, available in six different shapes and a wide range of sizes. Eurosilicone also manufactures and markets a range of other silicone implants, including tissue expanders, testicular implants, gluteus implants, calf implants, nasal implants, malar implants and chin implants. Forward Looking Statements Statements in this press release may involve forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding MediCor's future credit availability and growth plans. Such statements are based upon the current beliefs and expectations of MediCor's management and are subject to significant risks and uncertainties, including external factors such as interest rate fluctuations, research and development and marketing expenditures, changes in customer spending and other factors over many of which management has no control. These forward-looking statements should be evaluated together with additional information about MediCor's business, markets, conditions and other uncertainties, which could affect MediCor's future performance, which are contained in MediCor's Annual Report on Form 10-KSB for the year ended June 30, 2003 and its other filings with the Securities and Exchange Commission and available at the Securities and Exchange commission's Internet site (, which are incorporated into this press release by reference. Actual results may vary materially because of risks and uncertainties. This press release speaks only as of its date, and MediCor disclaims any duty to update the information herein. CONTACT: MediCor Ltd. Marc S. Sperberg, 702-932-4560 x308

As they prepare to make the jump to silicone, Mentor and Inamed have the American breast implant market all to themselves, but they could soon face competition from an industry legend unnoticed by many investors.

MediCor Ltd., founded in 1999 by its chairman, Donald McGhan, is getting ready to muscle its way into the United States with a new saline implant.

While Mentor (down $2.20 to $50.36, Research) and Inamed (Research) fight for a majority stake, MediCor has been buying companies overseas. Based in Las Vegas and traded over the counter, MediCor is not just some young upstart or foreign interloper. McGhan also founded Inamed and was its CEO, created the product line now used by Mentor, and helped invent the first breast implant with Dow Corning, back in 1963.

"[McGhan] is the grandfather of breast implants, if you will," said Amit Hazan, analyst for Suntrust Robinson Humphrey.

McGhan's first implant was made of silicone gel. But the Food and Drug Administration pulled silicone implants off the market in 1991 because of concerns about ruptures and leaks. In the United States, silicone implants are approved only for reconstructive surgery following mastectomies.

However, the $350 million U.S. implant market is poised to change radically because Mentor and Inamed, which both sell silicone implants overseas, are trying to get them approved by the FDA for cosmetic use. Both companies have received approvable letters from the FDA, which usually serves as a precursor to market approval. Both companies are in good standing with investors, having seen their stock value increase more than 50 percent during the last 12 months.

MediCor buys up the competition

MediCor, which totaled about $20 million in sales during the first three quarters of 2005, produces silicone implants for the European and South American markets, where the use of silicone is not restricted. With its recent acquisition of British implant maker Biosil Limited and supplier Nagor Limited, MediCor says it now holds 30 percent of the non-U.S. market share for breast implants. This recent deal follows the 2004 acquisition of the French implant maker Eurosilicone and the 2000 acquisition of Biodermis, maker of scar management materials.

MediCor chief executive officer Theodore Maloney proclaimed the silicone implant as "the product of choice, for the most part" and said "it is our absolute market objective to bring silicone implants into the U.S." However, MediCor could be years behind its competitors in submitting silicone implant applications to the FDA, so it is relying on saline for now.

California-based Inamed and Mentor sell implants that are filled with saline during surgery, after they are placed inside the patient's body. But MediCor has developed an implant that is pre-filled with saline at the factory. MediCor plans to submit a traditional saline implant to the FDA in the fourth quarter of 2005, followed by the next-generation pre-filled implant in 2006.

"We have two feet on the beach in the U.S. market with these two saline products," Maloney said. "[The next generation-saline implant] is physically more similar to a silicone implant than the inflatable saline implant."

Saline versus silicone: who wins?

McGhan believes that saline will continue to be a big seller, even with the likely approval of silicone.

"The whole market isn't going to switch to silicone gel," McGhan said. "We believe very strongly that the saline-filled breast market will be somewhere around 25 to 30 percent of the market after silicone's back on the market."

But analysts aren't so sure.

"I like the strategy they're taking, which is to consolidate the smaller players outside the U.S. to become a stronger player," said Hazan, the analyst for Suntrust Robinson Humphrey. But, despite the venerable presence of McGhan, Hazan said MediCor's saline strategy is "risky at best." Hazan said that 90 percent of the non-U.S. market is silicone.

"It's like they're working very hard on the Beta tape and they don't realize people are watching DVDs," said Hazan, comparing the outmoded video tape with saline implants.

MediCor is bolstered by strong leadership and would put price pressure on its U.S. competitors, said Jayson Bedford, analyst for Adams Harkness. But he said the company's market model depends heavily on the FDA's silicone decisions.

"If the FDA approves silicone, I think that MediCor will be coming into the market to somewhat of a disadvantage, relative to the other companies," said Bedford. "But if the FDA does not approve, I think MediCor is on much stronger footing."