Spire Receives $3 Million Catheter License Payment; Third 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 third 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 its 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 and a second $5 million payment in June 2003 based upon the first commercial sale of Bard's catheter. This third payment of $3 million relates to the anniversary of the first commercial sale by Bard. Spire expects to receive an additional contingent cash payment in 2005 of $3 million which would be due on the second anniversary of the first commercial sale by Bard. Spire licensed an advanced 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 currently markets the Pourchez XpressO(R) and Pourchez RetrO(TM), and recently introduced the Decathlon decathlon (dĭkăth`lŏn), in modern Olympic games, a contest for men held over two days and composed of 10 track-and-field events. (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. , said, "Our medical device business is steadily growing as we expand our product line and gain market penetration. Our strategic focus is to apply our proprietary coating technologies to advanced medical devices to reduce complications associated with clotting, inflammation, and infection. The payment will help facilitate these efforts." Spire Corporation provides products and services to the biomedical, solar energy, and optoelectronics industries worldwide 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion