Urologix sold to settle debt to Medtronic

Urologix Inc. (OCT:ULGX) yesterday said almost all of its assets to a secured creditor, which then sold them to a private company that will operate the business as Urologix LLC. The remnants of Urologix Inc. were renamed 21st North Inc.

The Minneapolis-based company, which makes the Cooled ThermoTherapy and Prostiva RF devices to treat benign prostatic hyperplasia, licensed Prostiva from Medtronic (NYSE:MDT).

As of March 31, 2015, Urologix owed its Twin Cities neighbor some $2.8 million, according to a regulatory filing, and lacked the scratch to pay up. All of its assets, including intellectual property, were put up as collateral to Medtronic, according to the filing.

“The transaction will enable Urologix LLC to provide urology customers and their patients with both Cooled ThermoTherapy and Prostiva RF Therapy products and services to treat BPH in the comfortable setting of a urologist’s office,” the company said.

“Immediately following the transaction, 21st North Inc. has no operations and has commenced an orderly wind down. Accordingly, 21st North intends to submit a proposal to its shareholders in the ensuing weeks to approve a plan of dissolution. The company will not be making liquidating distributions to shareholders at any time,” according to a press release.

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