Oncology device vendor RITA Medical Systems of Fremont, CA, said that it has signed an exclusive worldwide license agreement with EMcision for the Habib Sealer, a disposable radiofrequency resection device.
The Habib Sealer is designed to be used in open and laparoscopic surgical procedures for the resection of tissue, and has European CE Mark clearance. A 510(k) clearance from the U.S. Food and Drug Administration for the product is currently being pursued, according to RITA.
The terms of the agreement include an up-front payment of $50,000, and a payment of $200,000 on the basis of 510(k) clearance by the FDA. The agreement includes royalty and future payments based on revenue targets. In connection with the transaction, RITA also issued EMcision 150,000 unregistered shares of its stock at the signing of the agreement. RITA said it will also pay EMcision $500,000 on the one-year anniversary of the agreement.
By AuntMinnie.com staff writers
May 26, 2005
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