With an eye on broadening its presence in the interventional medicine market, intravascular ultrasound developer Volcano has signed an agreement to acquire optical coherence tomography (OCT) developer CardioSpectra of San Antonio for $25 million in cash.
Founded in 2005, CardioSpectra's core product line is based on technology licensed from the University of Texas and co-founder Dr. Thomas Milner. It's designed to provide imaging of detailed vasculature structures, including vessel wall defects, intraluminal thrombus, and stent struts, Volcano said. CardioSpectra expects to file for U.S. and international approvals for its system in 2008.
In addition to the $25 million in cash at closing, Volcano may also make additional payments based on the achievement of certain product development, regulatory, and revenue milestones, according to the San Diego-based company.
Related Reading
Cordis partners with Volcano in Europe, November 12, 2007
GE, Volcano launch IVUS cabling program, April 3, 2007
Philips, Volcano team up, March 26, 2007
Volcano inks Japanese distribution deal, February 14, 2007
Copyright © 2007 AuntMinnie.com
