Privately held Ostial Solutions LLC said Thursday it has sold most of its assets to medical devices company Merit Medical Systems Inc. (MMSI).
Detailed terms of the transaction were not disclosed. But Utah-based Merit Wednesday revealed terms which require about 33% of the anticipated purchase price to be paid at closing, nearly 22% of the anticipated purchase price to be paid within six months of closing and the balance to be paid only upon meeting certain milestones.
Michigan-based Ostial Solutions developed the Ostial Pro Stent Positioning System to facilitate precise stent implantation in coronary and renal aorto-ostial lesions, eliminating the guesswork when deploying a stent at the "true" ostium of the vessel.
The Ostial Pro Stent Positioning System has received 510(k) clearance from the U.S. Food and Drug Administration, and Merit has commenced shipments of the product from Merit's facilities. The product has a hospital price of about $800.
Honigman Miller Schwartz and Cohn LLP served as legal advisor to Ostial Solutions for the transaction.
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