Micrus Endovascular, a Sunnyvale, Calif.-based developer of cerebral vascular devices used in interventional radiology, reported that it has signed a letter of intent to acquire the rights to a revascularization technology for the treatment of ischemic stroke from ReVasc Technologies, a start-up company affiliated with the Cleveland Clinic Foundation.

The ReVasc technology represents a new approach to rapidly and efficiently revascularize and restore intracranial blood flow following stroke, according to Micrus.

The proposed transaction will include an initial $1 million cash payment, future development milestone payments, and an undisclosed royalty on potential future products sales, and is expected to close on or before October 31 this year. The transaction remains subject to customary corporate approvals and to the negotiation and execution of definitive documents, Micrus said.