Profound Medical completes acquisition of Philips' Sonalleve MR-HIFU business
On July 31, 2017, Profound Medical Corp. ("Profound") announced that it completed its previously announced acquisition of Koninklijke Philips N.V.'s ("Philips") Sonalleve Magnetic Resonance-Guided High Intensity Focused Ultrasound (MR-HIFU) business. Pursuant to the terms of the asset and share purchase agreement announced June 30, 2017, Profound acquired Sonalleve MR-HIFU business in exchange for 7,400,000 Profound common shares to be issued to Philips by way of a private placement, representing approximately 13% of Profound's issued and outstanding common shares.
Philips will continue to distribute Profound's TULSA-PRO® system, designed specifically for ablation of prostate tissue and which also uses real time MR imaging with thermal ultrasound for precise ablation. In addition, Philips and Profound have now expanded this non-exclusive strategic sales relationship to include distribution of Sonalleve MR-HIFU. For a limited time, Philips will also provide other services, including, but not limited to, manufacturing and installation.
With the completion of this acquisition, Profound becomes the only company to provide a therapeutics platform that provides the precision of real-time MR imaging combined with the safety and ablation power of directional (inside-out) and focused (outside-in) ultrasound technology for the incision-free ablation of diseased tissue.
Sonalleve MR-HIFU is an innovative therapeutic platform that combines real-time MR imaging and thermometry with high intensity focused ultrasound to enable precise and incision-free ablation of diseased tissue.
Profound Medical is committed to creating the powerful combination of real-time MR-guidance as the imaging platform and ultrasound as the energy source for delivering non-invasive ablative tools to clinicians.
Philips is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care.
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