QT Vascular and Medtronic Enter Into Asset Purchase Option Agreement for the Chocolate PTA Catheter
May 12, 2017—QT Vascular Ltd. announced that it has entered into an asset purchase option agreement with Medtronic for the acquisition of QT Vascular's non–drug-coated Chocolate percutaneous transluminal angioplasty (PTA) catheter. The option is exercisable upon achievement of certain milestones.
In February, QT Vascular announced a definitive agreement with Medtronic for the worldwide distribution of the Chocolate PTA catheter for a period of 5 years and automatically renewable for two additional 1-year periods.
The Chocolate PTA device is approved for use as a stand-alone or adjunctive treatment for stenosis in vessels above and below the knee in Europe, Australia, Turkey, Singapore, Hong Kong, and the United States.
QT Vascular stated that it will continue to focus on achieving milestones related to the Chocolate PTA product line. In addition, the company will continue to develop and market its other products including Chocolate Touch, which is a drug-coated version of Chocolate PTA, and its portfolio of coronary drug and non–drug-coated products. Chocolate Touch has received investigational device exemption approval from the US Food and Drug Administration.
QT Vascular is based in Singapore with a United States subsidiary, TriReme Medical LLC, based in Pleasanton, California.