BOSTON (Thomson Financial) - OmniSonics Medical Technologies Inc. Friday said it has entered into a licensing and development agreement with Boston Scientific Corp. for technology to treat thromboembolic acute ischemic stroke.
Under the terms of the agreement, the two companies will work jointly to develop an application of OmniSonics' OmniWave technology for the treatment of acute ischemic stroke. The OmniWave technology, which delivers low-power ultrasonic energy to remove thrombus (or a blood clot), recently launched in the U.S. for the treatment of clots in the peripheral vasculature.
Boston Scientific will provide funding based on the achievement of development milestones and has an option to acquire the technology as well as exclusive rights to the intellectual property for the treatment of acute stroke, OmniSonics Medical said.
Shares of Boston Scientific slipped 20 cents to $13.19. Casey Logan cl/vj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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