FARMINGDALE, N.Y., July 20, 2011 /PRNewswire/ — Misonix, Inc.
(NASDAQ:
MSON), a medical device company that designs, manufactures and
markets innovative therapeutic ultrasonic products worldwide for
wound debridement, cosmetic surgery, neurosurgery, laparoscopic
surgery, and other surgical and medical applications, has announced
today that it has settled the lawsuit brought against it by
PuriCore International Limited and PuriCore plc. (together
“PuriCore”) in connection with the sale to PuriCore of Misonix’s
Labcaire business in August of 2009. The settlement involves
the forgiveness by Misonix of up to $1,000,000 of not booked,
contingent commission payments on future sales of Labcaire
products. PuriCore will continue to pay the $750,000 remaining on
the Loan Notes issued as part of the original Stock Purchase
Agreement. Misonix also agreed to pay $650,000 towards
PuriCore’s legal costs. As an important part of the
settlement, Misonix and PuriCore, Inc., a U.S. subsidiary of
PuriCore, entered into a Product License and Distribution Agreement
(the “Distribution Agreement”) whereby Misonix will distribute, on
a limited exclusive basis with respect to other therapeutic
ultrasound companies in the United States, a private label version
of PuriCore’s Vashe® wound therapy product, which is a solution
intended for cleansing, irrigating, moistening, and debriding acute
and chronic dermal lesions. Use of the new product will be
emphasized in conjunction with clinical procedures performed with
Misonix ultrasonic systems and gives surgeons and clinicians an
expanding line of products for treating wounds. The Distribution
Agreement is for three years with a two year extension contingent
on meeting certain goals. As part of this Distribution
Agreement, Misonix has the obligation over a three year period to
either purchase or pay a minimum of $2 million in gr
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