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Volcano extends deadline for $3M milestone payment for Crux Biomedical

Wed, 07/03/2013 - 12:42pm
Mass Device

Volcano agrees to give Crux Biomedical an extra 5 months to obtain 510(k) clearance for its retrieval device and land a $3 million milestone payment.

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Volcano (NSDQ:VOLC) agreed to give Crux Biomedical an extra 5 months to obtain FDA 510(k) clearance for a retrieval device, a milestone worth $3 million under the terms their merger agreement.

Under the amended agreement Crux has until Nov. 30, 2013, to win FDA clearance and satisfy the milestone. The previous deadline closed June 30.

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