Under terms of the agreement, Volcano will pay $25 million in cash at closing, which is expected to occur by the end of the year. In addition, Volcano may make additional payments based on the achievement of certain product development, regulatory and revenue milestones. Any future payments may be made in cash or stock or a combination of both at Volcano’s discretion.
CardioSpectra’s OCT imaging system is expected to complement Volcano’s existing product offerings and will further enhance Volcano’s position as an imaging technology leader in the field of interventional medicine.
Scott Huennekens, president and CEO of Volcano, said: “Our long term goal is to integrate this OCT functionality directly into our s5i integrated imaging suite of products – offering hospitals and physicians a complete, multi-functional capability that seamlessly provides IVUS, functional measurement and OCT all in one system.”