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Pending Merger
9 Months Ended
Dec. 31, 2014
Pending Merger [Abstract]  
Pending Merger
10. Pending Merger

On December 21, 2014, we entered into an Agreement and Plan of Merger with Vision-Sciences, Inc. (“Vision”), and Visor Merger Sub LLC, a wholly-owned subsidiary of Vision (“Merger Sub”), pursuant to which we will merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company and for which the sole member is Vision following the transaction.
At the effective time and as a result of the Merger, each share of Uroplasty common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive 3.6331 shares of common stock of Vision.  As a result of the Merger, all outstanding options to purchase shares of common stock of the Company and other equity awards based on Uroplasty common stock, which are outstanding immediately prior to the effective time of the Merger, will become, respectively, options to purchase shares of common stock of Vision and, with respect to all other equity awards, awards based on common stock of Vision, in each case, on terms substantially identical to those in effect prior to the effective time of the Merger, except for the adjustments to the underlying number of shares and the exercise price based on the exchange ratio used in the Merger and other adjustments as provided in the Merger Agreement.
The transaction is subject to approval of our and Vision’s shareholders, the effectiveness of the Form S-4 registration statement filed by Vision with the Securities and Exchange Commission on January 27, 2014, the continued effectiveness of voting agreements with the executive officers and directors of the companies, the continued effectiveness without amendment or modification of the amendments to the convertible notes and warrants held by Mr. Lewis C. Pell, Chairman of the board of directors of Vision, and other customary closing conditions.  The transaction is expected to be completed in the first half of calendar 2015.
We incurred approximately $820,000 of transaction fees related to this transaction in the quarter ended December 31, 2014.