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June 17, 2014
09:06 EDTELGXEndologix announces revenue milestone for Nellix EndoVascular System
Endologix announced that it has achieved $10M in trailing twelve month international sales of the Nellix EndoVascular Aneurysm Sealing System, triggering a milestone payment to the former Nellix stockholders, in the form of 2,666,555 shares of Endologix common stock. Based on the company's 2010 acquisition agreement for Nellix, the revenue milestone triggered a $20M payment in Endologix common stock to former Nellix stockholders. The stock price used to calculate the share payment is subject to a floor of $3.50 and a ceiling of $7.50. Accordingly, because Endologix's stock price is currently above the $7.50 ceiling, the company will issue 2,666,555 shares by the end of June. Nellix has obtained CE Mark and is currently undergoing a U.S. Investigational Device Exemption trial to establish clinical evidence for U.S. Food and Drug Administration approval. The U.S. study, EVAS FORWARD-IDE is approved to enroll 180 patients at up to 30 sites in the U.S., Canada and Europe. The EVAS FORWARD Global Registry is planned to include 300 patients enrolled in up to 30 international centers. Nellix has not been approved for marketing or commercial sale in the U.S.
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February 3, 2016
16:03 EDTELGXEndologix completes merger with TriVascular Technologies
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