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MedAmicus

This article was originally published in The Gray Sheet

Executive Summary

Retractable needle technology developer Med-Design receives $1 mil. in MedAmicus common stock in partial payment for MedAmicus' $2 mil. obligation under a Sept. 10 license agreement addendum. The addendum grants MedAmicus an exclusive license to use Med-Design's retractable needle technology in the arterial access market and related fields. MedAmicus plans to pay an additional $1 mil. in cash on Oct. 15. The original August 2000 licensing pact relates to the venous market. Separately, MedAmicus reported Oct. 11 that third quarter sales doubled to $3.7 mil. The Minneapolis firm cites expanding sales of introducer products, including left-heart lead delivery systems for use with Medtronic's recently approved InSync cardiac resynchronization therapy for congestive heart failure
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