On-X Life Technologies Inc. entered a product license and development agreement with the Cleveland Clinic that could generate $12 million in five years.
Under the agreement, Austin-based On-X LTI and physicians from the Cleveland Clinic, a nonprofit academic health center, will develop products to improve heart valve procedures. On-X LTI President and CEO Clyde Baker said the agreement will allow the medical tech company to expand its product line and gain insight into the future of heart valve treatment.
“We expect that surgeons and patients will receive meaningful value from the delivery of these innovative products,” he said.
On-X LTI anticipates the new surgical products will go to market in about two years could generate about $12 million in sales over five years, officials said.
The company, which has 100 employees, manufactures a heart valve replacement product called On-X Prosthetic Heart Valve
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