Interventional technology provider AngioDynamics of Queensbury, NY, reported that it has signed an agreement to acquire Oncobionic, a privately held company that has developed an irreversible electroporation (IRE) soft-tissue ablation technology for use in focal cancer and benign tumor therapy.
AngioDynamics said it has made an initial, nonrefundable, cash deposit of $5 million to Oncobionic, with an additional $20 million in cash payments to be made over two years subsequent to achievement of specified milestones. The acquisition of Oncobionic will close upon successful human use of its IRE technology, for which testing is expected to commence in midcalendar 2007, AngioDynamics said.
By AuntMinnie.com staff writers
October 18, 2006
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