logo
Share SHARE
FONT-SIZE Plus   Neg

Medifocus Acquires Prolieve Business From Boston Scientific - Quick Facts

Medifocus Inc. (MFS.V, MDFZF.PK) announced an agreement with Boston Scientific Corp. (BSX) for the purchase of all of the assets of its Prolieve business, which sells devices for the treatment of Benign Prostatic Hyperplasia or BPH.

BPH is the enlargement of the male prostate gland which affects over 50% of men over the age of 50. Prolieve is a patent protected device utilizing a unique combination of microwave heating and dilation of the prostatic urethra to offer immediate relief of symptoms such as weak urinary stream and urgency caused by BPH.

The Prolieve technology was originally created and commercialized by the current Medifocus scientific and management teams. The total purchase price for this transaction is US $5 million.

Medifocus said it will pay Boston Scientific US $2.5 million upon closing of the transaction and the remainder will be paid in quarterly installments contingent upon the sales performance of the Prolieve business, up to a maximum amount of US $2.5 million. Closing of this transaction is expected to occur within 30 days and is subject to certain conditions, including approval of the TSX Venture Exchange.

Medifocus said that the assets acquired by the company include all Prolieve inventory, the Rocky Mountain Mobile Services mobile distribution assets, as well as the family of intellectual property associated with the Prolieve technology.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
Follow RTT