Spire Receives $3 Million Catheter License Payment; Fourth Payment for Catheter License Agreement.BEDFORD, Mass. -- Spire Corporation (Nasdaq: SPIR SPIR Symmetric Private Information Retrieval SPIR Spectroscopie Dans le Proche Infrarouge (French: Near Infrared Reflectance Spectroscopy) SPIR Spare Parts List and Interchangeability Record ) announced today that it has received the fourth payment in the amount of $3 million as part of its catheter patent license transaction with Bard Access Systems, Inc. Under the terms of the October 2002 agreement, Spire sold an exclusive patent license for a hemodialysis split-tip catheter to Bard Access Systems, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of C. R. Bard C. R. Bard, Inc. (NYSE: BCR) is one of the large S&P 500 companies of the United States, a surgical specialties and hospital medical device manufacturer in Murray Hill, New Jersey. It is named after its founder, who sold the company within only a few years of its founding. , Inc., in exchange for up to $16 million and a sublicense. Spire received an initial payment of $5 million upon execution of the agreement, a second $5 million payment in June 2003 based upon the first commercial sale of Bard's catheter and a third payment of $3 million based upon the anniversary of the first commercial sale by Bard. The fourth payment of $3 million relates to the second anniversary of the first commercial sale by Bard and represents the final payment required under the 2002 agreement. Spire licensed an advanced separated-tip catheter patent in 2000 from the inventor, Dr. Thierry Pourchez, a noted French surgeon, and in 2002 received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval to market a vascular access device in the U.S. Under its sublicense from Bard, Spire will continue to market the Pourchez XpressO(R), Pourchez RetrO(TM), and the Decathlon(TM), the only kink-resistant long-term hemodialysis catheters. Mark C. Little, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Spire Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , stated, "Our medical products business has continued to grow at a significant rate. In the past year, we launched two major product line extensions Product line Extensions and Patient safety In a world of product line extensions, there are many different products with similar names. Examples of these include oxycodone versus oxycontin (oycodone CR), buproprion vs buprion SR vs bruproprion XL, codeine versus codeine contin and secured a group purchasing organization A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. contract with Premier. This has allowed our distributors to be highly competitive and increase Spire's market share. We are very enthusiastic about the prospects for this product line as we continue to penetrate the market and develop new, innovative products." Spire Corporation is a diversified technology company serving the solar energy, biomedical, telecommunications and defense industries worldwide with innovative products and services based upon a common technology platform. Certain matters described in this news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors described in the Company's Form 10-KSB filed with the Securities and Exchange Commission. |
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