Vision-Sciences Inks Contract With SpineView, To Develop, Make Endoscopic Devices

Jun 24, 2008 (financialwire.net via COMTEX) -- VSCI | Quote | Chart | News | PowerRating -- June 24, 2008 (FinancialWire) Medical device maker Vision-Sciences Inc. (NASDAQ: VSCI | Quote | Chart | News | PowerRating) has signed a contract with SpineView Inc. to develop and make a video-based endoscopic system.

The company will receive $225,000 for engineering costs and up to $40,000 for out-of-pocket costs. Under the deal, Spineview agreed to place an initial order for 50 video endoscopes at $27,000 apiece, or just under $1.4 million in all.

Following delivery of the initial order, SpineView will submit a forecast for the following 12 months, of which the first six months will be considered a firm order at a price of $23,500 per video scope, Vision-Sciences said.

Shares of Vision-Sciences rose 17 cents to $4.73 in after-hours trading after falling 10 cents, or 2.2 percent, to close at $4.56 during the regular trading session.

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