Medtech Insight is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Urologix Sells Up, Pays Down Debt

This article was originally published in Clinica

Executive Summary

Benign prostate hyperplasia therapy company Urologix, Inc. has sold its operating assets to a private buyer, using the proceeds from the sale to pay down debt it owes to Medtronic. The beleaguered firm had licences the Prostiva RF device from Medtronic, which it sells together with the Cooled ThermoTherapy to treat BPH. In a SEC regulatory filing, Urologix said that as of March 31, 2015, the company did not have enough funds to pay Medtronic the $2.8m it owed for Prostiva. Urologix, which is also based in Minneapolis, had accumulated total net losses of $127.8m from its inception of business through March 31, 2015. The unnamed buyer of Urologix’s assets will operate the existing business through an entity called Urologix LLC and will continue to sell the Cooled ThermoTherapy and Prostiva products through this organization. What remains of Urologix, Inc. has been renamed 21st North, Inc. which has no operations and has started “an orderly wind down”. 21st North will submit a plan of dissolution to its shareholders for approval in the following weeks, and “will not be making liquidating distributions to shareholders at any time.”

Advertisement

Topics

Advertisement
UsernamePublicRestriction

Register

MT103180

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

All set! This Question has been sent to my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel