Misonix, Inc. (Nasdaq: MSON), a surgical device company that designs, manufactures and markets innovative therapeutic ultrasonic products worldwide for wound debridement, spinal surgery, cosmetic surgery, neurosurgery, laparoscopic surgery and other surgical applications, announced today that Misonix terminated its Product License and Distribution Agreement ("Agreement") with PuriCore, Inc. for the sale of PuriCore's Vashe System. Misonix and PuriCore have signed a Settlement Agreement resolving all issues.
As a result of the termination of the agreement, Misonix will no longer be obligated to pay the remaining minimum gross profit balance of $1.3 million. The Company previously recorded in fiscal 2013 all appropriate amounts.
Michael A. McManus Jr., President and CEO said, "We are pleased to place this matter behind us and move forward with our core business. We will continue to look for appropriate add on products to purchase or distribute that are synergistic to the core procedures and to our surgeons in the spine and wound care businesses."
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