PTV Announces Closing of On-X Acquisition by CryoLife

Austin, Texas – January 20, 2016 – CryoLife, Inc. (NYSE: CRY), a leading medical device and tissue processing company focused on cardiac and vascular surgery, announced today that it has completed its acquisition of On-X Life Technologies, Inc. (“On-X”), for $130 million. The acquisition, which was initially announced in late December, will consist of approximately 70% in cash and 30% in CryoLife common stock and deliver approximately a 3.2x return to investors, subject to market fluctuations that may impact the value of the Partnership’s CryoLife common stock at the time of ultimate distribution or sale.

On-X was a portfolio company of PTV II which first invested in On-X in 2007.  A case study of PTV’s investment can be found below. We are very proud of the On-X team for their efforts over the life of our investment, and we are excited to continue to track the success of the On-X heart valve in the future. We would like to thank you for your continued support as we work together to enable healthcare innovation.




Located in Austin, Texas, On-X Life Technologies is a leading manufacturer of artifical heart valve replacement and repair products. On-X aortic and mitral prosthetic valves are FDA approved and have been safely implanted in approximately 200,000 patients worldwide.

An expanded labeling claimed granted by the FDA in April 2015 made the On-X aortic heart valve the only mechanical valve FDA approved and clinically proven to be safer with less anticoagulation, giving thousands of On-X patients the chance to reduce their regular blood-thinning medication regimen. In a prospective randomized clinical trial, On-X aortic heart valve patients with a reduced warfarin dose (INR 1.5–2.0) had 65% fewer harmful bleeding events without an increase in stroke risk.

On-X mechanical heart valves are made with the most advanced material in the industry – pure pyrolytic carbon.  FDA findings published in October 2015 indicated that tissue heart valves, which possess a majority of the heart valve market share, could be resulting in previously unidentified blood clots in patients. These developments, combined with the On-X heart valve’s advanced design and materials have positioned On-X as the best lifelong heart valve replacement option available in the market today. In light of these achievements and in honor of  in honor of the company’s service to the healthcare community, PTV awarded On-X the 2015 Star of Texas Healthcare Award in September of last year.


In January 2016, On-X announced that it had partnered with Fred Hoiberg, Head Coach of the NBA Chicago Bulls, and to launch a new patient education campaign, designed to help people with heart valve problems learn more about their condition and treatment options.

The campaign features Hoiberg, a 10-year NBA veteran who played for the Indiana Pacers, Chicago Bulls, and Minnesota Timberwolves. Hoiberg had open-heart surgery in April 2015 to replace his failing bicuspid aortic heart valve, a heredity structural malformation that had been causing increasing fatigue and shortness-of-breath. Hoiberg was seeking a single, life-long solution to his aortic valve problem and agreed when his doctor recommended he receive an On-X Aortic Heart Valve.

The full video is available here:


  • Represented on the Board of Directors, compensation committee, audit committee, and M&A committee by Founding Managing Director Matthew Crawford
  • Recruited Bill McClellan as CFO to restructure the company and make it a profitable entity; On-X has not raised a subsequent equity round since PTV’s initial investment in 2007
  • Brought on  PTV Scientific Advisor and world-renowned thoracic surgeon William Cohn, M.D. to join the Board of Directors; Dr. Cohn later sourced the new product acquisition of  PreChords for mitral valve repair from the Cleveland Clinic
  • Recruited Trey Thompson, Partner at Perella Weinberg Partners, to join as a member of the Board of Directors
  • Leveraged PTV Senior Advisor Dan Walsh to expedite the development process of PreChords
  • Introduced On-X to various debt providers as a means to fund growth and product portfolio expansion
  • Introduced On-X to Bob DeSutter, Global Group Head,
    Healthcare Investment Banking, Piper Jaffray. Piper represented On-X in the CryoLife acquisition