Xconomy Boston

Volcano Corporation Acquires Novelis, Inc. for $15,000,000

Feed Type
Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=40b8e8b9-fdbc-405e-954b-0fb33bb8e1ca&Preview=1
Date
5/20/2008
Company Name
Novelis, Inc.
Mailing Address
13 Branch Street Methuen, MA 01844
Company Description
Novelis is a private company developing a proprietary forward-looking ultrasonic imaging catheter with integrated RF ablation to facilitate image guided, guidewire-based crossing of chronic total occlusions in the coronary and peripheral vasculature. Investigational Device – Not Approved for Human Use.
Website
http://www.novelismedical.com/
Transaction Type
M&A
Transaction Amount
$15,000,000
Transaction Round
Proceeds Purposes
M&A Terms
Under the terms of the agreement, Volcano paid approximately $12 million in cash at closing. In addition, Volcano may make an additional cash payment of $3 million based on the achievement of a specific regulatory milestone.