PLC Systems changes TMR distributor |
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Published
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Wed, 21 Mar 2007 15:39
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FRANKLIN, Mass. (AP) - Medical technology company PLC Systems Inc. said Wednesday it is changing distributors for its TMR, or transmyocardial revascularization laser, products used to treat cardiovascular disease.The company is switching to Novadaq Corp., a subsidiary of Canada-based Novadaq Technologies Inc., which develops medical imaging systems for the operating room.Novadaq will pay former distributor Edwards Lifesciences LLC $1 million in cash and an earnout of an estimated $3 million for the balance of 2007. It will also make a final payment of $3 million, deferred under a one-year secured promissory note, and buy Edward's inventory and certain property used for the distribution of TMR products, the value of which was not disclosed.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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