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Misonix Announces Settlement of PuriCore Litigation, Including Entry into a U.S. Distribution Agreement for PuriCore's Advanced Wound Care Product

Wed, 07/20/2011 - 10:42am
Bio-Medicine.Org

FARMINGDALE, N.Y., July 20, 2011 /PRNewswire/ -- Misonix, Inc. (NASDAQ: MSON), a medical device company that designs, manufactures and markets innovative therapeutic ultrasonic products worldwide for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications, has announced today that it has settled the lawsuit brought against it by PuriCore International Limited and PuriCore plc. (together "PuriCore") in connection with the sale to PuriCore of Misonix's Labcaire business in August of 2009.  The settlement involves the forgiveness by Misonix of up to $1,000,000 of not booked, contingent commission payments on future sales of Labcaire products. PuriCore will continue to pay the $750,000 remaining on the Loan Notes issued as part of the original Stock Purchase Agreement.  Misonix also agreed to pay $650,000 towards PuriCore's legal costs.  As an important part of the settlement, Misonix and PuriCore, Inc., a U.S. subsidiary of PuriCore, entered into a Product License and Distribution Agreement (the "Distribution Agreement") whereby Misonix will distribute, on a limited exclusive basis with respect to other therapeutic ultrasound companies in the United States, a private label version of PuriCore's Vashe® wound therapy product, which is a solution intended for cleansing, irrigating, moistening, and debriding acute and chronic dermal lesions.  Use of the new product will be emphasized in conjunction with clinical procedures performed with Misonix ultrasonic systems and gives surgeons and clinicians an expanding line of products for treating wounds. The Distribution Agreement is for three years with a two year extension contingent on meeting certain goals.  As part of this Distribution Agreement, Misonix has the obligation over a three year period to either purchase or pay a minimum of $2 million in gr

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