Under terms of the agreement, which was announced on December 10, 2007, Volcano paid $25 million in cash at closing to CardioSpectra’s shareholders and warrant holders. In addition, Volcano may make additional payments upon the achievement of certain product development, regulatory and revenue milestones. Any future payment may be made in cash or stock, or a combination of both at Volcano’s discretion.
CardioSpectra’s unique OCT imaging system is expected to complement Volcano’s existing product offerings and further enhance Volcano’s position as an imaging technology leader in the field of interventional medicine.