The deal between Singapore-based QT Vascular and Fridley, Minn.-based Medtronic will be automatically renewable for 2 additional 1-year periods, and both companies will continue to negotiate other aspects of their relationship.
“We are honoured to partner with Medtronic, the world’s leading medical device company. Through our direct and indirect sales channels, the adoption of Chocolate PTA has expanded steadily over the past several years. It is now available in hundreds of hospitals worldwide, and we expect Medtronic’s global commercial capabilities will further expand the reach of this device both inside and outside the United States. Our other products continue to attract interest and we are evaluating additional M&A transactions and strategic options to further enhance value,” QT Vascular CEO Eitan Konstantino said in a press release.
Currently, sales of the Chocolate PTA in the US are conducted through QT Vascular subsidiary TriReme Medical‘s direct sales force, as well as a distribution partner. Under the new distro agreement with Medtronic, sales will transition on a country-by-country basis, starting with the US.
QT Vascular said the sales agreement should not have a material effect on earnings or losses per share for the current fiscal year.
Last December, QT Vascular said that its TriReme Medical subsidiary inked a group purchase agreement with Healthtrust Purchasing Group.
Through the deal, Healthtrust will gain access to TriReme’s portfolio of specialty angioplasty balloons designed to treat blood vessel blockage due to arterial disease, QT Vascular said.
Nashville, Tenn.-based HealthTrust serves more than 1,400 acute care facilities and members at more than 22,600 locations which include ambulatory surgery centers, physician practices, long-term care and alternate care sites, the company said.