Under the terms of the agreement, Vancouver-based Angiotech will supply Hologic with its soft tissue biopsy device for breast biopsies. The deal is specific for products sold in the U.S. and will automatically renew after thee years, according to Angiotech.
The deal complements Hologic’s vacuum-assisted breast biopsy systems and expands its breast exam product offering with a "14g single-use, fully automatic biopsy instrument" with features including "a spring-loaded stylet and cannula, one-handed operation and an echogenic needle tip," according to Angiotech.
There were approximately 1.8 million breast biopsies performed in the U.S. last year, according to Angiotech.
Last month Angiotech postponed payment of $9.7 million in interest on debt and a grappled with the possibility of de-listing from the NASDAQ stock exchange. The company also reported disappointing earnings for its 2010 third quarter, posting a net loss of $18.5 million, or 22 cents per diluted share, on sales of $59.0 million during the three months ended Sept. 30. That compares with a loss of $7.8 million, or 9 cents per diluted share, on sales of $63.2 million during the same period last year.
On Nov. 18 the company announced the sale of its Lifespan vascular graft business to LeMaitre Vascular Inc. (NSDQ:LMAT) for $3 million.