Stereotaxis and its existing strategic catheter partner have extended their exclusive worldwide agreement for the distribution of existing approved magnetic ablation catheters through the end of 2015.
As part of the agreement, the strategic partner agreed to pursue an expanded indication in the US for the magnetic irrigated catheter for the treatment of atrial fibrillation.
In addition, both companies agreed to expand the product offering covered by the agreement to include an irrigated magnetic catheter, which will integrate the latest technological advancements from both companies.
The agreement includes further submissions for regulatory approval into new markets, such as Asia, for mutually agreed magnetic catheters and the exclusive distribution agreement for the products will expire at various later dates.
Stereotaxis president and CEO Michael Kaminski said that Stereotaxis has enjoyed a successful and long-standing strategic partnership, and the new agreement reflects the commitment and shared vision from both companies in EP innovation for years to come.
"After consideration of many potential opportunities to include the Odyssey portfolio of products under this agreement, we agreed to focus our collaboration on magnetic ablation catheters where the two companies’ business objectives are most aligned," Kaminski said.