Medical Device co. BioControl Medical Gets First Milestone Payment of $7.5 Million
12/14/2007 12:13:41 AM
Biocontrol Medical Ltd. has been paid its first $7.5 million milestone payment by American Medical Systems Holdings Inc (NYSE:AMMD) (AMS). AMS acquired the company's urology business in April 2006 for $25 million, and allowed it to pursue the development of gynecological and other products for the pelvic region. AMS also promised an additional $25 million in milestone payments and royalties for the first 10 years after approval of products.
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