Interventional device firm Cook Medical announced that it has inked a deal with Cardica of Redwood City, CA, to expand the two firms' original agreement for developing vascular closure devices.
Under the expanded terms, Bloomington, ID-based Cook will pay Cardica up to $750,000 to develop an additional product for Cook's closure device product line. As with the earlier agreement between the two firms, under which Cardiac developed the Cook Vascular Closure Device (CVCD), Cardica will design the product and perform preclinical development; it is also entitled to royalties from future worldwide sales of the product.
Cook will be responsible for clinical development and regulatory approval, and will maintain exclusive commercialization rights, the company said.
By AuntMinnie.com staff writers
September 20, 2007
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