PMI obtains $2.5m payment from Intuitive Surgical

Published: 06-Mar-2009

Device is attach to Intuitive's da Vinci surgical system and will utilize surgical stapling technology

Power Medical Interventions, a developer of surgical instruments, has received a $2.5m payment from Intuitive Surgical, a developer of minimally invasive surgery systems.

The payment to Power Medical Interventions (PMI) was made in connection with the license and development agreement signed in September 2008 and is related to a novel surgical stapling device that is being jointly developed by PMI and Intuitive.

The device is being developed to attach to Intuitive's da Vinci surgical system and will utilize PMI's patented surgical stapling technology. Once developed, this attachment will enable a physician utilizing the da Vinci Surgical System to cut and staple tissue in a broad array of surgical applications.

In September 2008, PMI and Intuitive Surgical entered into a license and development agreement to jointly develop the novel surgical stapling device. Under terms of the agreement, PMI received an upfront license payment and became eligible for additional payments based upon the achievement of agreed upon milestones.

Michael Whitman, president and CEO of PMI, said: The receipt of this $2.5m payment demonstrates the success of the collaboration to date and provides additional validation for PMI's technology platform.

We are pleased to bring in this funding and strengthen our financial position. PMI is looking forward to the continued success of this program, future development milestones, and ultimately a significant recurring revenue stream from our supply agreement.

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