Olympus Corporation Announces Plans To Discontinue Operations For Its Biotechnology Division In The U.S.

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Feb 28, 2014, 10:30 ET

HOPKINTON, Mass., Feb. 28, 2014 /PRNewswire/ -- Olympus Corporation announced today that it plans to discontinue operations for its U.S. biotechnology division, Olympus Biotech.

The company expects the entire closure process to take some time to complete and it will start with the Hopkinton, MA facility. Commercial operations and product availability will end May 30, 2014 in the United States and Canada.

"This was a very difficult decision and was made only after numerous alternatives for business continuation were identified and exhausted over the past year, "said David Renker, Chief Operating Officer for Olympus Biotech. He added, "This decision was a financial one and is not related to the performance of our OP-1^® family of products. We are proud of OP-1's legacy in the market and its significant contributions to regenerative medicine and the quality of life in patients worldwide. In addition, we are grateful to our employees for the incredible support they have shown our biotech business throughout its history and thank them for their dedication to the business and our mission."

Successfully navigating the highly regulated biotech industry and commercializing innovative biologics products requires significant investment. Despite the Company's best efforts and intentions, Olympus Corporation was not able to gain the traction necessary to build a broader regenerative medicine portfolio in the United States. More than 200 employees will be impacted by the closure.

The company is working closely with customers and regulators to ensure that it provides product and customer support in both the medical affairs and commercial arenas as it ceases operations. North American customers who may have questions are asked to call the customer service line at 1 (866) 476 2663.

About Olympus Biotech Corporation
Olympus Biotech was established in December 2010 as a wholly owned company of Olympus Corporation of the Americas. The vision of Olympus Biotech is to improve the patient Quality of Life by developing and distributing Regenerative Medicines that stimulate the intrinsic healing capacity in the living body by the technological development of growth factors and biomaterials.

About Olympus
Based in Tokyo, Olympus is a global precision technology leader, designing and delivering innovative solutions in its core business areas:

Medical and Surgical Products: Gastrointestinal endoscopy, minimally invasive surgical products, and accessories
Life Science Imaging Systems: Advanced research, clinical/educational microscopes, and research/educational digital imaging systems
Industrial Measurement and Imaging Instruments: Industrial research, engineering, test, inspection and measuring instruments
Cameras and Audio Products: Digital cameras and voice recorders

Through this technology, Olympus focuses on enhancing people's lives every day and helping people enjoy the continuum of life.