Medifocus has announced it has completed its acquisition of Boston Scientific Corp.'s Prolieve business, according to a news release.
Prolieve sells devices for the treatment of benign prostatic hyperplasia. The Prolieve technology was originally created and commercialized by the Medifocus scientific and management teams.
According to earlier reports, Medifocus paid a total of $5 million for the business — $2.5 million was to be paid upon closing of the transaction and the remainder will be paid in quarterly installments contingent upon the sales performance of the Prolieve business, up to a maximum amount of $2.5 million.
"The purchase of the Prolieve business assets is a significant business enhancement event for Medifocus," said Dr. Augustine Y. Cheung, founder, president and CEO of Medifocus, in the release. "With Prolieve, Medifocus now transforms from a development stage cancer treatment medical device company to a mature medical treatment systems and devices company with a revenue-generating commercial product for treatment of BPH and an innovative focused-heat breast cancer treatment system in advanced phase III clinical development. Using the Prolieve technology platform and the APA focused-heat platform, the Company is well positioned to develop a rich pipeline of minimally invasive and side effect-free focused-heat treatment systems and devices for cancer and other diseases."
Medifocus has its corporate office in Toronto, Ontario, Canada, and its operating office in Columbia, Md.
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