Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Medifocus Acquires Prolieve Business From Boston Scientific - Quick Facts

6/26/2012 2:42 PM ET

Medifocus Inc. (MFS.V, MDFZF.PK) announced an agreement with Boston Scientific Corp. (BSX: Quote) 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.

Register
To receive FREE breaking news email alerts for Medifocus Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.