MEDAMICUS ANNOUNCES SIGNING OF LETTER OF INTENT
MEDAMICUS ANNOUNCES SIGNING OF LETTER OF INTENT MINNEAPOLIS, March 23 /PRNewswire/ -- MedAmicus, Inc.
(NASDAQ: MEDM) announced that it has executed a letter of intent with Browne Medical Systems, Inc., which could result in a distribution agreement with Browne for the marketing of a urological fiberoptic pressure transducer system which MedAmicus would manufacture and currently has under development. If finalized, the distribution agreement would provide Browne with exclusive rights to market the transducer in urologic applications in exchange for certain volume and price commitments.
The letter of intent calls for MedAmicus to continue to fund transducer development. If, by July 1, 1992, the parties desire to proceed, Browne will conduct and supervise clinical studies, which are expected to commence during the third calendar quarter of 1992 and to last four months. While such studies are taking place, the parties will attempt to negotiate a definitive distribution agreement. Browne Medical Systems, Inc. is a Minneapolis-based, privately held manufacturer and marketer of urological instrumentation, catheters and accessories. MedAmicus, Inc. is a Plymouth, Minn.-based medical products company engaged in the design, development, manufacture and marketing of disposable vascular access and pressure monitoring devices. -0- 3/23/92 /CONTACT: James Hartman of MedAmicus, 612-559-2613/ (MEDM) CO: MedAmicus, Inc.; Browne Medical Systems ST: Minnesota IN: MTC SU: JVN
KH -- MN010 -- 0732 03/23/92 16:14 EST
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|Date:||Mar 23, 1992|
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