LANGHORNE, Pa. — Power Medical Interventions Inc.® (Nasdaq:PMII), announced that the company has entered into two definitive agreements with Intuitive Surgical, Inc. The first is a license and development agreement for the two companies to jointly develop a surgical stapling device, which will attach to Intuitive's da Vinci® Surgical Systems and utilize Power Medical's patented technology. Once developed, this attachment will enable Intuitive Surgical's da Vinci Surgical Systems to cut and staple tissue in a broad array of surgical applications. Power Medical will receive an up-front license payment and additional payments based upon the achievement of agreed-upon milestones.
The second agreement is an exclusive reload supply agreement, where Power Medical will be the manufacturer and exclusive supplier of staple reload cartridges for the newly developed device. Details of the supply agreement were not disclosed.
Michael Whitman, president and chief executive officer of Power Medical Interventions commented, "This partnership, which includes our first licensing transaction, validates the importance of our technology in advancing minimally invasive and natural orifice surgery. Upon commercialization by Intuitive of its new instrument incorporating our technology, we expect to gain a new product distribution channel with a new source of recurring revenue. We look forward to a long and prosperous relationship with Intuitive."
Source: Power Medical Interventions