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Novelis Medical Is Acquired By Volcano Corp

Wednesday, May 21, 2008 5:45:00 AM PDT | VentureDeal Staff

METHUEN, MA -- Medical instrument company Novelis, Inc. has been acquired by the Volcano Corp. in an all cash transaction.

Novelis is developing an ultrasonic imaging catheter with integrated RF ablation to assist in surgical procedures involving crossing of chronic total occlusions in the coronary and peripheral vasculature.

Under the terms of the agreement, Volcano paid approximately $12 million in cash at closing.  In addition, volcano may make an initial cash payment of $3 million, based on the achievement of a specific regulatory milestone.

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