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news.Misonix has entered into an agreement with USHIFU pursuant to which Misonix will sell its equity position in Focus Surgery or FSI to USHIFU and be paid the full amount of the present debt owed to Misonix by FSI.
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Upon the closing of the transaction, anticipated to be within the next 120 days, Misonix will receive approximately $1.5 million at closing for the value of its equity and a partial repayment of debt. Misonix will then receive the remainder of its debt, approximately $650,000 plus interest, within eighteen months of the closing. Misonix will retain all of its present rights, including its present manufacturing rights for the Sonablate 500, as well as its distribution rights for the treatment of prostate cancer in the EU and Eastern Europe. Misonix will also retain its worldwide rights to use the FSI-HIFU technology for the treatment of kidney, liver and breast tissue.
Michael McManus, president and CEO of Misonix, said: “We have agreed that the new developments made independently by Misonix will be available to USHIFU in the prostate market. USHIFU will allow Misonix to use all of its new developments in HIFU for the kidney, liver and breast markets. We believe that this transaction is important for Misonix in that it enables us to raise cash, recover our debt and maintain all of our rights to the FSI-HIFU technology.”