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PhotoFix Distribution Agreement | 3 Months Ended
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Mar. 31, 2016
PhotoFix Distribution Agreement [Abstract] |
PhotoFix Distribution Agreement | 6. PhotoFix Distribution Agreement Overview ﻿ In 2014 CryoLife entered into an exclusive supply and distribution agreement with Genesee Biomedical, Inc. (“GBI”) to acquire the distribution rights to PhotoFix TM, a bovine pericardial patch stabilized using a dye-mediated photo-fixation process that requires no glutaraldehyde. PhotoFix has received U.S. Food and Drug Administration (“FDA”) 510(k) clearance and is indicated for use in intracardiac repair, including ventricular repair and atrial repair, great vessel repair and suture line buttressing, and pericardial closure. In January 2015 the Company received its initial shipments and launched its distribution of PhotoFix. ﻿ The agreement between CryoLife and GBI (the “GBI Agreement”) ha d an initial five-year term and was renewable for two one-year periods at CryoLife’s option. Under the terms of the GBI Agreement, CryoLife purchas ed PhotoFix inventory for resale at an agreed upon transfer price and ha d the option, which became effective in March 2015, to acquire the PhotoFix product line from GBI. ﻿ Acquisition ﻿ On April 13, 2016 the Company exercised its right to acquire the PhotoFix technology from GBI for $2.3 million. The Company anticipates allocating the majority of the purchase price to intangible assets. GBI will continue to manufacture PhotoFix until the Company is able to establish manufacturing operations. ﻿

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