Medical-technology maker Kensey Nash Corp. said it will be receiving a $1.5 million milestone payment for its product to remove clots from arteries of the heart and pelvis.
The Exton-based company said the payment would be recorded as deferred revenue.
The payment is coming from Spectranetics Corp. of Colorado Springs, Colo., to which Kensey Nash sold its endovascular products line a year ago.
Kensey Nash has manufacturing, licensing and other agreements with Spectranetics, which announced today that European Union regulators had approved the new version of its device.
The approval allows marketing of the ThromCat XT thrombus removal system in EU countries. The device uses vacuum pressure to pull the clot into a catheter, allowing it to be removed. Spectranetics said it is better at removing the clots and easier to use than the older version of the ThromCat system.
The ThromCat XT is not approved for marketing in the United States, but Spectranetics says it is in discussions with the Food and Drug Administration about the requirements for approving the device.