MacroPore Biosurgery, Inc. sells bioresorbable thin film product line to MAST Biosurgery AG
MacroPore Biosurgery, Inc. announced today it has completed the sale of its bioresorbable thin film product line, which includes SurgiWrap(tm) and CardioWrap(tm), to MAST Biosurgery AG (MAST), which is held by a syndicate of investors led by Medicis Ventures Management GmbH (Medicis).
MacroPore Biosurgery has received an initial payment of $6.72 million. MacroPore Biosurgery will receive an additional $0.28 million within three weeks, and a $2.0 million payment, or $2.0 million worth of stock in MAST, no later than the second quarter of 2005. MacroPore Biosurgery will act as a short-term backup supplier of products to MAST. Further, MacroPore Biosurgery retains all thin film rights for the Japanese market, an exclusive license to bioresorbable thin film for the spinal market and a perpetual nonexclusive license to bioresorbable thin films in connection with regenerative cell technology. MAST has a three year option to acquire the right to bioresorbable thin films for the Japanese market from MacroPore Biosurgery for at least $3.0 million, plus substantial, contingent additional consideration pursuant to a business development agreement between MAST and MacroPore Biosurgery.
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