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| MEND > SEC Filings for MEND > Form 8-K on 6-Oct-2009 | All Recent SEC Filings |
6-Oct-2009
Entry into a Material Definitive Agreement, Termination of a Material De
On September 30, 2009, Micrus Endovascular Corporation (the "Company"), entered into a Distribution Agreement (the " IDS Distribution Agreement ") with IDS (Hong Kong) Ltd. (" IDS ") pursuant to which IDS shall serve as the Company's exclusive distributor of implantable and disposable medical devices used in the treatment of neurovascular diseases (the "Products") in Hong Kong and China.
Pursuant to the IDS Distribution Agreement, IDS will promote and market the Company's Products in Hong Kong and China and is required to purchase a certain amount of the Products over the five year term of the agreement in order to maintain its exclusive distributor status in such territories, escalating over the five year term. The minimum purchase requirement commences on the date when the Products are included in the National Reimbursement List of Interventional Medical Devices issued by the Minister of Health of the People's Republic of China. The Company will supply IDS with its requirements for the Products and has granted IDS a license to use certain of the Company's trademarks in connection with IDS' sale and distribution of the Products in Hong Kong and China. The term of the IDS Distribution Agreement is five years, subject to the right of the parties to terminate earlier based upon the occurrence of certain events.
In connection with the IDS Distribution Agreement, the Company has also entered into an agreement with IDS whereby the Company has agreed to provide marketing and sales support to IDS.
On September 30, 2009, the Company notified Beijing Tian Xin Fu Medical Appliance Co. LTD ("TXF") that the Company has terminated its distribution agreement with TXF. The Company took this action based on its belief that TXF had failed to perform its obligations under this agreement. The Company previously disclosed the material terms of this agreement in its Current Report on Form 8-K dated July 31, 2007, as filed with the Securities and Exchange Commission on August 3, 2007, which disclosure is incorporated herein by reference.
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