QualityStocks.net News – Kensey Nash Corp. (KNSY) Enters Into Sales Agreement with Spectranetics

We would like to highlight Kensey Nash Corp. (NASDAQ: KNSY). The company is a medical device company known for product development and technology in the fields of resorbable biomaterials and endovascular devices, used in a variety of medical procedures. The Company provides a range of products in multiple medical markets, primarily the endovascular and orthopaedic markets. The Company also invents and develops the Angio-Seal Vascular Closure Device, which is exclusively licensed to St. Jude Medical, Inc.

In the Company’s recent news,

Kensey Nash Corp. (KNSY) entered into a definitive agreement with Spectranetics Corporation. Under the agreement, the company will sell its endovascular business, including the ThromCat™, QuickCat™ and Safecross™ products, to Spectranetics. Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in multiple, minimally invasive cardiovascular procedures.

Kensey Nash will receive up to $24M consisting of a $10M initial cash payment, $8.0M in future product development milestone payments, and a $6.0M milestone associated with cumulative sales. Additionally, the company will receive royalties on future sales of the ThromCat™ and SafeCross™ products upon the transfer of product manufacturing to Spectranetics. There will be no royalty payments related to future sales of the QuickCat product.

The agreement specifies that Kensey Nash will manufacture the ThromCat and SafeCross products for Spectranetics for an initial three-year period. The QuickCat product will be manufactured by the company for a six month minimum. Worldwide sales and marketing of all endovascular products will be the responsibility of Spectranetics. The transaction is expected to close by June 30, 2008.

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