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news.Stereotaxis has amended its collaboration with Biosense Webster, the company's partner in the development of ablation catheters used with its Niobe magnetic navigation system.
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Under the terms of the amended agreement, Biosense Webster will provide Stereotaxis a total of $18 million, comprised of advances against royalties on catheter sales and deferrals of ongoing research and development costs in connection with current and future products.
The two companies have also agreed to co-promote and expand Stereotaxis’s Odyssey Network, by granting Biosense Webster non-exclusive rights to use the Stereotaxis information management technology to provide its customers with clinical and technical support.
Separately, Stereotaxis also announced that Biosense Webster filed a PMA supplement with the FDA for the Navistar RMT Thermocool Catheter, which was withdrawn from the European market earlier in 2008. This US filing, which was immediately followed by a CE mark filing with European regulators is believed to provide the surest approval process for the return to market of the irrigated magnetic catheter.
Bevil Hogg, Stereotaxis CEO, said: “In addition to providing significant new financial resources on favorable terms, the agreement allows us to accelerate the deployment of our Odyssey information management technology on a non-exclusive, open architecture basis.”