Acquisition of Prolieve Device for Treatment of BPH from Boston Scientific

Medifocus Announces Acquisition of Prolieve Device for Treatment of Benign Prostatic Hyperplasia from Boston Scientific

June 26, 2012, 2:30 PM Eastern Daylight Time. 

TORONTO, ONTARIO and COLUMBIA, MARYLAND–(Marketwire -06/26/12)- Medifocus Inc. (Medifocus or the Company) (MFS.V)(MDFZF) announces an agreement with Boston Scientific Corporation (BSX) for the purchase of all of the assets of its Prolieve® business, which sells devices for the treatment of Benign Prostatic Hyperplasia (BPH). BPH is the enlargement of the male prostate gland which affects over 50% of men over the age of 50. Prolieve is a patent protected device utilizing a unique combination of microwave heating and dilation of the prostatic urethra to offer immediate relief of symptoms such as weak urinary stream and urgency caused by BPH.

Patients can be treated using Prolieve in over 250 urologic offices throughout the United States. In addition, treatment is available through a nationwide Prolieve Mobile Services operation with over 150 mobile locations.

The Prolieve technology was originally created and commercialized by the current Medifocus scientific and management teams. The total purchase price for this transaction is US $5 million. Medifocus will pay Boston Scientific Corporation US $2.5 million upon closing of the transaction and the remainder will be paid in quarterly installments contingent upon the sales performance of the Prolieve business, up to a maximum amount of US $2.5 million. Closing of this transaction is expected to occur within 30 days and is subject to certain conditions, including approval of the TSX Venture Exchange.

The assets acquired by Medifocus include all Prolieve inventory, the Rocky Mountain Mobile Services mobile distribution assets, as well as the family of intellectual property associated with the Prolieve technology.

About Medifocus, Inc. 

Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array (“APA”) technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumors with a precision controlled dose of heat can be used to destroy tumors at higher temperatures, to treat tumors in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumor sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. Please visit www.medifocusinc.com for more details.

About Boston Scientific 

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.

Forward-Looking Statements and Information: 

This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required under applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.

SOURCE: Medifocus, Inc.

Contact:

Medifocus Inc.
John Mon
Chief Operating Officer
(410) 290-5734
jmon@medifocusinc.com
www.medifocusinc.com

Copyright Market Wire 2012