MIV Therapeutics Sells Subsidiary for $4 Million
November 21, 2007 - MIV Therapeutics Inc. will sell all of its shares of SagaX Inc. for $4.0 million plus future royalties on sales of 8.0 percent, allowing MIV to focus on the interventional cardiology space and save $1.0 million plus annually in development costs.
The payments will be made in increments of $1.0 million upon the achievement of various equity financing parameters, which may be met by SagaX over a four-year period from closing.
This transaction will also free up SagaX, which is principally engaged in the business of developing a neuro-vascular embolic stent filter medical device, to pursue other financing avenues as it develops an aortic embolic protection device. The deal allows MIV to participate in potential future product sales via royalty payments.
For more information: www.mivtherapeutics.com