The successor to Urologix said today that it plans to completely dissolve during 2017, spelling the end for the Minneapolis-based urology device maker.
Urologix, which made the Cooled ThermoTherapy and Prostiva RF devices to treat benign prostatic hyperplasia, licensed Prostiva from Medtronic (NYSE:MDT). But after running up a $2.8 million tab on its Twin Cities neighbor, Urologix couldn’t come up with the payments. Its assets were put up as collateral on the debt, which defaulted April 14, 2015, leading to their sale to a secured creditor, which inturn sold them to a private company that plans to run the business under the Urologix banner.
Today the successor company, 21st North, said it failed more than once to raise a quorum of shareholders to vote on dissolving the company, having “no available cash, no operational assets, no employees and substantial secured debt owed to its creditor.” But 82% of the attending shareholders voted to pull the plug anyway; the entire slate of directors resigned effective today, and there are no plans to renew its annual corporate registration in Minnesota, 21st North said.
“This will terminate the existence of 21st North Inc. as a Minnesota corporation. Until the administrative dissolution, 21st North Inc. will not pursue any business activity,” the company said, reiterating that shareholders are not slated to receive any distributions as the company winds out.
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