Urologix Inc. (NSDQ:ULGX) inked a 10-year pact with Medtronic Inc. (NYSE:MDT) to market the latter’s Prostiva RF treatment alongside its own Cooled ThermoTherapy system.
The Twin Cities duo’s is an exclusive worldwide license for the transurethral needle ablation device that includes manufacturing and marketing rights. The Prostiva treatment and Urologix’s CTT device are designed to treat bladder obstructions associated with benign prostatic hyperplasia, or enlarged prostate.
Urologix said the deal expands its offering to urologists and opens up its "addressable patient population," according to a press release.
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"The Prostiva RF therapy system, like Urologix’s proven market-leading Cooled ThermoTherapy (CTT), provides an ideal early treatment option for BPH-related obstructive urinary conditions," Urologix CEO Stryker Warren Jr. said in prepared remarks. "This license is consistent with our strategy to expand our presence in urology offices and leverage the breadth of our product platform through effective market development efforts."
Last April Urologix touted the publication of a study in the Journal of Neurology showing that the CTT device is effective at treating both the symptoms of and obstruction associated with benign prostatic hyperplasia. Last month, however, the news in the company’s fourth-quarter earnings report wasn’t as good.
The San Diego-based company posted decreased sales and increased losses for both Q4 and the full fiscal year. Fourth-quarter losses widened 86 percent to $1.3 million, or 9 cents per diluted share, compared to $700,000, or 4 cents per diluted share during the same period last year.
Full-year losses spread to $3.7 million, or 26 cents per diluted share, compared with losses of $2.2 million, or 26 cents per diluted share, during fiscal 2010. Sales for FY 2011 sank 15 percent to $12.6 million, compared to $14.8 million for FY 2010.
