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.
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