Misonix Announces Termination of License Agreement With Its Licensees, Medical Device Alliance, Inc. and Lysonix, Inc.
Business Wire - January 12, 1999 11:32
FARMINGDALE, N.Y.--(BUSINESS WIRE)--January 12, 1999--Misonix, Inc. ["Misonix"] (Nasdaq: MSON) today announced that it had, last evening, terminated the license agreement with Medical Device Alliance, Inc. and LySonix, Inc. for the Misonix ultrasonic soft tissue aspirator. Misonix previously reported on October 22, 1998 that it had transmitted a notice of default to these licensees alleging, among such defaults, arrearages in payment of approximately $1,700,000, for which Misonix had then established a reserve. Subsequently, Misonix had extended the cure period through January 11, 1999.
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