Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Medifocus Acquires Prolieve Business From Boston Scientific - Quick Facts

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
Stocks have fluctuated over the course of the trading day on Thursday, as traders continue to digest yesterday's monetary policy announcement from the Federal Reserve as well as better than expected third quarter GDP data. Hundreds of protesters stormed Burkina Faso's parliament on Thursday and set fire to the building, preventing the lawmakers from considering a bill to extend the president's 27-year rule. Security forces opened fire on protesters, as they looted computers and televisions in the National Assembly, news agencies reported. The angry crowd then marched towards the President's office, before they were U.S. economic activity increased by more than expected in the third quarter of 2014, according to a report released by the Commerce Department on Thursday. The Commerce Department said GDP increased by 3.5 percent in the third quarter compared to 3.0 percent growth expected by economists.
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.