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QT Vascular will conduct an extraordinary general meeting on June 2 to seek shareholder approval to sell its non-drug coated balloon catheter product to Medtronic Inc.
The company, which specialises in developing catheter products, said on May 12 that it had agreed to a deal that gives Medtronic the option to buy the Chocolate PTA balloon catheter product for US$28 million. The option is exercisable within 90 days upon the achievement of certain milestones.
Concurrent with the deal, Medtronic will also be extending a US$1.25 million 8 per cent facility to QT Vascular for up to three years.