ATLANTA (AP) -- Medical device maker CryoLife Inc. said Tuesday that it has agreed to buy Hemosphere Inc., which makes a vascular graft that is used in kidney dialysis patients, for $17 million in cash.
CryoLife, which is based in Kennesaw, Ga., said it could pay another $4.5 million based on sales of Hemosphere's HeRO graft.
The HeRO graft is used in patients with end-stage kidney disease who are on dialysis and have blocked central veins. The graft bypasses central veins to get blood to flow from a target artery to the heart. The HeRO graft was approved in the U.S. in 2008 and Europe in 2011.
CryoLife said Hemosphere, which is based in Eden Prairie, Minn., near Minneapolis, had $5.3 million in revenue in 2011. It expects to complete the purchase in May.
Shares of CryoLife rose 8 cents to $5 in afternoon trading Tuesday. Its shares have traded in a 52-week range of $4 to $6.02 per share.