Mazor Surgical Technologies Ltd. (TASE:MZOR) has signed a strategic cooperation agreement with the Cleveland Clinic Foundation. Mazor has received exclusive, worldwide licenses to two patents for the development of permanent implants for the spine. Dr. Isador Lieberman, an orthopedic spinal expert, will be responsible for clinical development of the product.
Mazor CEO Ori Hadomi predicts that the product, which has already undergone a feasibility study, can reach market within a year. He adds that the product will open a new market to the company - orthopedic implants - and that it can also boost sales of Mazor's own SpineAssist product line, a robotic navigation and imaging device for aiding spinal surgery and implants.
Mazor said that it paid CCL an "insubstantial amount" for the licenses, and will pay additional insubstantial amounts when the product reaches certain milestones. Most of the payments will be from royalties on sales, although the company did not disclose the proportion.
Hadomi said, "The new product will beat the timetable. It will enable us to reach market within a year with a product that already has insurance indemnification and for which we can charge six times the amount of our current products."
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2008
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