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Power Medical Interventions, Inc. (PMII) has entered into two definitive agreements with Intuitive Surgical, Inc. The first is a License and Development agreement for the two companies to jointly develop a surgical stapling device which will attach to Intuitive's da Vinci(R) Surgical Systems and will utilize Power Medical's patented technology. Once developed, this attachment will enable Intuitive Surgical's da Vinci(R) Surgical Systems to cut and staple tissue in a broad array of surgical applications. Power Medical will receive an upfront license payment and additional payments based upon the achievement of agreed upon milestones.
The second agreement is an exclusive Reload Supply agreement whereby Power Medical will be the manufacturer and exclusive supplier of staple reload cartridges for the newly developed device. Details of the supply agreement were not disclosed.
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