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Endosonics buys Dutch micromotor developer
Du-Med's tiny technology to be used in catheter lineEndosonics this month announced that it has purchased Du-Med,a micromotor technology developer based in the Netherlands. Theacquisition follows a strategic alliance formed last year betweenthe
Du-Med's tiny technology to be used in catheter line
Endosonics this month announced that it has purchased Du-Med,a micromotor technology developer based in the Netherlands. Theacquisition follows a strategic alliance formed last year betweenthe companies to integrate Du-Med's miniaturized micromotors intoEndosonics' medical catheters.
Du-Med was formed six years ago to commercialize miniaturizedmicromotor technology developed at Erasmus University in Rotterdam.The motors, which are less than 1 mm in size, can be placed onthe end of catheters to produce ultrasound signals.
To acquire Du-Med, Pleasanton, CA-based Endosonics agreed toissue 560,000 shares of Endosonics restricted common stock toDu-Med investors in a deal worth up to $3.5 million. Du-Med investorswill receive additional payments contingent on future revenuesof products sold using Du-Med technology.
Endosonics and Du-Med formed a strategic alliance to developand distribute Du-Med's micromotor imaging products in October1993. Endosonics is integrating Du-Med's technology into a lineof catheter imaging products, which the company expects to beginmarketing for non-cardiovascular applications next year.
In other news, Endosonics last month announced its sales andrevenue figures for the second quarter (end-June). Strong salesof its Oracle Imaging System to European and Japanese customershelped Endosonics record a 47% increase in revenues for the secondquarter. Despite the increase, Endosonics recorded a loss forthe quarter.
Endosonics revenues for the quarter totaled $1.2 million, asharp increase over the $822,000 in the same period last year.The firm posted a net loss of $3.2 million compared to a lossof $4.7 million in the second quarter of 1993.
International sales of Oracle are the primary reason for therevenue growth, according to the company. In addition, Endosonicsrecently introduced two drug delivery catheters, Transport andBullett.
Endosonics also said that it is complying with a Food and DrugAdministration request to revise the data in its application forits Oracle-Micro coronary balloon angioplasty-imaging catheter.An FDA panel reviewing the application told the company that theapplication was not approvable until the data were revised. Endosonicsshould complete its revision in about a month, according to thecompany.
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