Friday, September 12, 2008

OmniSonics and Boston Scientific in stroke treatment licensing agreement

By Mass High Tech Staff

Medical devices firm OmniSonics Medical Technologies Inc. and Boston Scientific Corp. have entered a licensing and development agreement to treat acute stroke using OmniSonics’ patented OmniWave technology.

The OmniWave system, newly available in the U.S., uses a catheter to deliver acoustic energy via a wire to clear hardened arteries, according to the company, and the device is designed to break up clots into tiny particles that pass through the circulatory system. Under terms of the agreement, Boston Scientific will help fund, based on development milestones, the use of OmniWave to treat acute stroke; additionally, the company can choose to acquire the OmniWave technology and the intellectual property in applying it to patients with acute stroke.

Wilmington-based OmniSonics was founded in 1998 and is privately held with backing from investors including Prism VentureWorks and New England Partners. As of July 2007, the company had raised $89.7 million in private capital.

Medical device maker Boston Scientific reported a net loss of $495 million on revenue of $8.4 billion for 2007.