Stereotaxis Finalizes Financial Arrangement With Biosense Webster
July 25, 2008 – In an amended collaboration with Biosense Webster Inc., Stereotaxis Inc.’s partner in the development of ablation catheters used with its Niobe Magnetic Navigation System, Biosense Webster will provide Stereotaxis a total of $18 million, comprised of advances against royalties on catheter sales and deferrals of ongoing research and development costs in connection with current and future products.
The two companies have also agreed to co-promote and expand Stereotaxis' Odyssey Network, by granting Biosense Webster nonexclusive rights to use the Stereotaxis information management technology to provide its customers with clinical and technical support.
We believe this agreement is an endorsement of our relationship with Biosense Webster and strengthens a collaboration that has already succeeded in establishing a new standard for safe and effective treatment in electrophysiology," said Bevil J. Hogg, Stereotaxis CEO.
Separately, Stereotaxis also noted that during the week of July 7, Biosense Webster filed a PMA supplement with the FDA for the NAVISTAR RMT THERMOCOOL Catheter, which was withdrawn from the European market earlier this year. The companies are confident the irrigated magnetic catheter will be on the market in Europe and in the U.S., hopefully by Q42008 or shortly thereafter.
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