UTAH MEDICAL PRODUCTS, INC. (NASDAQ:UTMD) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01—MATERIAL DEFINITIVE AGREEMENT
On December 31, 2018, the Company and CooperSurgical Inc. (CSI), entered into a definitive agreement for Utah Medical Products, Inc. (UTMD) to purchase the remaining 4.75 year life of the exclusive distribution agreement between CSI and Femcare Ltd. to distribute the Filshie Clip System in the U.S. Femcare Ltd. is a wholly owned subsidiary of UTMD.
The basic terms of the agreement, unanimously approved by UTMD’s board of directors, include a UTMD cash payment of $21,000,000 to CSI on the closing date of February 1, 2019, and purchase of CSI’s resaleable inventory. After February 1, 2019, CSI will no longer accept orders or ship Filshie Clip System devices to customers.
ITEM 9.01—FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit Number |
Title of Document |
Location |
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Item 10 |
Material Contracts |
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|
10.01 |
Agreement for the Purchase of Distribution Agreement, License Agreements, and Inventory between Coopersurgical, Inc., and Utah Medical Products, Inc., dated December 31, 2018 |
To be filed |
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About UTAH MEDICAL PRODUCTS, INC. (NASDAQ:UTMD)
Utah Medical Products, Inc. (UTMD) is engaged in the business of producing medical devices that are disposable and for hospital use. The Company’s product categories include labor and delivery/obstetrics, including fetal monitoring accessories, Vacuum-Assisted Delivery Systems (VAD), and other labor and delivery tools; neonatal intensive care, including DISPOSA-HOOD, DELTRAN PLUS and GESCO; gynecology/urology/electrosurgery, including LETZ System, FINESSE+ Generator, EPITOME, PATHFINDER PLUS, HOLMIUM LASER FIBRES, LIBERTY System, ENDOCURETTE, TVUS/HSG-Cath and LUMIN, and blood pressure monitoring, including DELTRAN Disposable Pressure Transducer (DPT), and pressure monitoring accessories, components and other molded parts. UTMD markets a range of medical devices used in critical care areas, especially the neonatal intensive care unit, the labor and delivery department and the women’s health center in hospitals, as well as products sold to outpatient clinics and physician’s offices.
