Cardica, Intuitive Surgical re-up licensing deal

Cardica (NSDQ:CRDC) said today that it re-upped a licensing deal with Intuitive Surgical (NSDQ:ISRG) to include the evaluation and possible development of a cartridge stapler for Intuitive’s da Vinci robot-assisted surgery platform.

Way back in 2010 the companies signed a deal to integrate Cardica’s micro-cutter technology into the da Vinci system; Intuitive took out a 3% stake in Cardica as part of that agreement.

The new deal calls for Intuitive to pay Cardica another $2 million to license Cardica’s stapling patents until August 2018, including a 6-month feasibility evaluation period for Cardica’s MicroCutter Xchange technology.

After the evalutation, Cardica said Intuitive will have the option to start a joint development program for an 8mm surgical stapling cartridge, with further funding and possible royalties on the table.

“We believe the relationship with Intuitive Surgical highlights 2 innovative technologies coming together to facilitate less-invasive surgical procedures, for the ultimate benefit of surgeons and their patients,” Cardica president & CEO Julian Nikolchev said in prepared remarks. “Importantly, with our new management team in place, this amendment to our agreement with Intuitive Surgical aligns with our plans to extend the MicroCutter product line while maintaining internal focus on completing the development of the MicroCutter Xchange 30.”

The post Cardica, Intuitive Surgical re-up licensing deal appeared first on MassDevice.

from MassDevice http://ift.tt/1UzDSqC