Hansen Medical Inc. (NSDQ:HNSN) scored multiple agreements with Philips Healthcare that could net the company up to $107 million.
The Royal Philips Electronics (NYSE:PHG) division plans to develop and commercialize the non-robotic applications of Hansen Medical’s fiber optic shape sensing and localization technology, also know as FOSSL.
The deals give Philips exclusive rights the FOSSL-based devices in the non-robotic vascular, endoluminal and orthopedic fields," according to Hansen Medical.
Hansen Medical also has in development an investigational flexible catheter robotic system for vascular indications, and the new agreements allow for the company to increase fees for Philips based on the the device’s sales. Hansen plans to commercialize the technology in the United States and Europe this year.
The patent and technology licensing and purchasing agreements between the two companies include a $29 million upfront payment for Hansen with possible future payments totaling $78 million based on the successful commercialization of the technology.
The news sent Hansen stock skywards. HNSN shares closed at $2.20, up from $1.58, or just over 39 percent
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