Biocontrol will use the proceeds to develop its cardiology products.
Biocontrol Medical Ltd. has been paid its first $7.5 million milestone payment by American Medical Systems Holdings Inc (NYSE:AMMD) (AMS). AMS acquired the company's urology business in April 2006 for $25 million, and allowed it to pursue the development of gynecological and other products for the pelvic region. AMS also promised an additional $25 million in milestone payments and royalties for the first 10 years after approval of products.
Biocontrol will use the proceeds to develop its cardiology products. The company develops and markets implantable devices for the treatment of autonomic disorders, conditions whereby the autonomic nervous system ceases to function properly, resulting in a disruption to the control of involuntary body processes. The devices enable controlled electrical stimulation of various nerves to achieve therapeutic results.
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2007
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