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Financial details of supply agreement not disclosed
September 24, 2008
By: Michael Barbella
Managing Editor
Power Medical Interventions Inc. has entered into two product development deals with Intuitive Surgical Inc.Financial details of the supply agreement were not disclosed.
Under the first deal, the Langhorne, PA-based medical device company will work with Intuitive Surgical of Sunnyvale, CA to jointly develop a surgical stapling device that will attach to Intuitive’s da Vinci robotic surgical systems.
The attachment is expected to enable Intuitive’s da Vinci systems to cut and staple tissue in a broad array of surgical applications. Power Medical will receive an undisclosed upfront license payment and additional payments based upon the achievement of agreed upon milestones.
The second agreement is an exclusive reload supply agreement whereby Power Medical will be the manufacturer and exclusive supplier of staple reload cartridges for the newly developed device.
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