Medifocus, a developer of adaptive phased array technology, has purchased all the assets of Boston Scientific's Prolieve device business for $5m.
The assets 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.
Patent protected Prolieve device utilizes a combination of microwave heating and dilation of the prostatic urethra to provide immediate relief of symptoms such as weak urinary stream and urgency caused by benign prostatic hyperplasia.
The transaction is expected to be closed with in 30 days and is subject to TSX Venture Exchange’s approval.
Upon closing of the transaction, Medifocus will pay $2.5m to Boston Scientific and upon the sales performance of the Prolieve business it will pay remaining $2.5m in quarterly installments.