Merit Medical Systems, Inc, a leading manufacturer and marketer of proprietary disposable devices used primarily in cardiology, radiology and gastroenterology procedures, announced today that the Company has completed a three-part deal with Vysera Biomedical Limited located in Galway, Ireland, which will give Merit access to certain intellectual property and know-how for valve technology, opportunities to commercialize certain biomaterial technology and equity ownership in Vysera.
The transactions provide Merit with an exclusive license for certain valve technology that may be incorporated into non-vascular stents, specifically esophageal stents, to address acid reflux conditions. Secondly, the transactions provide Merit with an exclusive license for the development and use of certain biomaterial technology for the coating of selected non-vascular stents and gastrointestinal and drainage catheters.
Finally, the transactions provide Merit with an equity investment of approximately $2.4 million, which will give Merit an approximate 14.45% fully-diluted participating equity interest in Vysera. Additionally, Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer, has been elected as a director of Vysera.