Medifocus Announces Acquisition of Prolieve Device for Treatment of Benign Prostatic Hyperplasia from Boston Scientific
June 26 2012 - 2:30PM
Marketwired Canada
Medifocus Inc. (Medifocus or the Company) (TSX VENTURE:MFS)(OTCQX:MDFZF)
announces an agreement with Boston Scientific Corporation (NYSE:BSX) for the
purchase of all of the assets of its Prolieve(R) business, which sells devices
for the treatment of Benign Prostatic Hyperplasia (BPH). BPH is the enlargement
of the male prostate gland which affects over 50% of men over the age of 50.
Prolieve is a patent protected device utilizing a unique combination of
microwave heating and dilation of the prostatic urethra to offer immediate
relief of symptoms such as weak urinary stream and urgency caused by BPH.
Patients can be treated using Prolieve in over 250 urologic offices throughout
the United States. In addition, treatment is available through a nationwide
Prolieve Mobile Services operation with over 150 mobile locations.
The Prolieve technology was originally created and commercialized by the current
Medifocus scientific and management teams. The total purchase price for this
transaction is US $5 million. Medifocus will pay Boston Scientific Corporation
US $2.5 million 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 US $2.5 million. Closing of this transaction
is expected to occur within 30 days and is subject to certain conditions,
including approval of the TSX Venture Exchange.
The assets acquired by Medifocus include all Prolieve inventory, the Rocky
Mountain Mobile Services mobile distribution assets, as well as the family of
intellectual property associated with the Prolieve technology.
About Medifocus
Medifocus owns a patented microwave focusing technology platform (the Adaptive
Phased Array ("APA") technology), which can precisely target and control
microwave energy to cause heating in cancerous tumors anywhere in the body
reliably and repeatedly. The ability to target tumors with a precision
controlled dose of heat can be used to destroy tumors at higher temperatures, to
treat tumors in combination with chemotherapy and/or radiation at moderate
temperatures for increased effectiveness and reduced toxicity and to trigger the
targeted release of therapeutic drugs and genes at tumor sites at lower
temperatures. While the core technology has been licensed from the Massachusetts
Institute of Technology, Medifocus has further refined the precision of the
microwave focusing and control ability and developed a commercial system
dedicated exclusively for the treatment of Breast Cancer. Please visit
www.medifocusinc.com for more details.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical
devices that are used in a broad range of interventional medical specialties.
For more information, please visit: www.bostonscientific.com.
Forward-Looking Statements and Information
This news release contains forward-looking statements, which may not be based on
historical facts. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual results events
or developments to be materially different from any future results, events or
developments expressed or implied by such forward-looking statements. These
factors should be considered carefully and readers are cautioned not to place
undue reliance on such forward-looking statements. Except as required by
applicable securities laws, the Company disclaims any obligation to update any
such factors or to publicly announce the results of any revisions to any of the
forward-looking statements contained herein to reflect future results, events or
developments.