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news.Trimedyne has signed a letter of intent with FemSuite, a privately held company based in San Francisco which develops, manufactures and markets a variety of devices for use in the gynecology field.
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Under the letter of intent (LOI), Trimedyne has offered to license seven of its US patents and two US patent applications exclusively to FemSuite for any use in the fields of gynecology and gynecologic oncology, and exclusively to FemSuite for use in anal (fecal) incontinence in the fields of urology, general surgery and GI surgery.
FemSuite will organize a subsidiary, to which the license will be assigned, which plans to test and market up to four products covered by the patents.
FemSuite has offered to purchase all its requirements for lasers and side firing laser energy delivery devices from Trimedyne for the life of the last to expire of the patents. FemSuite has also offered to pay Trimedyne for its efforts in the further development of the devices, including regulatory compliance costs and readying the devices for production.
Subject to certain milestones being achieved, FemSuite has offered to issue to Trimedyne, without cost, up to 20% of the fully diluted shares of the subsidiary on the date these milestones are met by at least two devices.