Micrus Endovascular Corporation (MEND) Signs Letter of Intent to Acquire Revascularization Technology from ReVasc Technologies Inc., to Treat Ischemic Stroke
7/31/2007 10:10:48 AM
SAN JOSE, Calif.--(BUSINESS WIRE)--Micrus Endovascular Corporation (Nasdaq:MEND) today announced that it has signed a letter of intent to acquire the rights to a revascularization technology for the treatment of ischemic stroke from ReVasc Technologies Inc., a start-up company affiliated with the Cleveland Clinic Foundation. The proposed transaction will include an initial $1.0 million cash payment, future development milestone payments and an undisclosed royalty on potential future products sales, and is expected to close on or before October 31, 2007. The transaction remains subject to customary corporate approvals and to the negotiation and execution of definitive documents.