Minneapolis, Minn.-based Cogentix said the slated-to-launch product line includes a full suite of endourological devices including ureteral access sheaths, gravity irrigation lines and nitinol guide wires.
“The launch of our endo-urology product line in the U.S. is one of the first steps in executing our business development strategy. Our primary focus for business development has been to add products that can immediately leverage the relationships our U.S. sales team has with their urology customers and the endo-urology product line perfectly meets this criteria. The substantial growth we have seen in our PrimeSight business demonstrates what our sales team can do with new and innovative products. This transaction is expected to further increase our strong urology product revenue growth rate, which was approximately 11 percent during the second quarter 2017. In addition, the structure of the license agreement we have announced today means that we continue to have $27 million in cash and investments for additional business development opportunities. We expect to complete at least one more transaction in the near term,” prez & CEO Darin Hammers said in a press release.
Cogentix said it is already preparing for a launch of the product line, and expects it to add an additional $2.5 million in revenue during 2018.
Last September, Cogentix said it inked a $25 million securities purchase agreement with Accelmed Growth Partners.