Healthcare Industry News: Vena Cava Filter
News Release - March 9, 2006
MIV Therapeutics Subsidiary SagaX Announces Appointment of New Executives and Technology SpecialistsAdditions to SagaX Team Strengthens Management and Accelerates Development of Novel Stroke Prevention Device
VANCOUVER, British Columbia--(HSMN NewsFeed)--March 9, 2006--MIV Therapeutics Inc. (OTCBB:MIVT ; FWB:MIV), a leading developer of next generation biocompatible coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, announced today that it has appointed two new Executives and Two Technology Specialists to the development team at MIVT's subsidiary SagaX.
The newly appointed executives and technology specialists will strengthen the SagaX team and help speed progress of the SagaX Aortic Embolic Protection Device designed specifically to prevent cardioembolic stroke following heart surgery by diverting particles in the bloodstream that might otherwise reach the brain and cause stroke.
Raphael Geva, a veteran financial executive, was appointed Chief Financial Officer at SagaX. Gil Naor, an experienced mechanical and biomechanical engineer, was appointed Chief Technology Officer of SagaX. Hilla Shaviv has been appointed Product Manager, and Dr. Yuval Shezifi has been named Director of the Flow Simulation Laboratory.
Additional professional background of the new appointees is as follows:
Raphael Geva holds an MBA from Recanati Business School, Tel Aviv University. He is experienced in leading start-up companies from the seed stage to successful IPO. He served as an investment manager in Be'ery Capital Ltd., a leading Israeli investment Boutique. In other positions, he has served as a senior analyst for Bank Leumi for five years, where he created the start-up division.
Gil Naor holds a BSE degree in Mechanical Engineering, with honors, 1995, from the University of Michigan Ann Arbor, MI. He also holds an MS degree with honors in Mechanical/Biomechanical Engineering from Stanford University, where he focused on both cardiovascular devices as well as orthopedic devices. He was member of the honorary societies of the engineering school, Pi-Tau-Sigma and Tau-Beta-Pi and was named to the Deans honor list every quarter. Mr. Naor has authored three US and EU patents, four pending patents and has co-authored several peer review journal papers. He has extensive design and implementation experience in medical devices. Among his previous positions are Vice president, R&D Rafael Medical Technologies Ltd. Caesarea, Israel where he developed a removable inferior Vena Cava Filter along with its dedicated delivery and Retrieval systems; they are CE Mark approved and pending FDA IDE approval. Previously, he worked as project manager for Medtronic-InStent Israel Ltd., where he led development of a self expanding carotid and coronary stents systems. He directed the R&D team, quality assurance, manufacturing engineers and clinical personnel throughout all phases of product development, clinical stage and transfer to the production floor. Mr. Naor has worked with Medtronic AVE to transfer all R&D technology to their US plant. Mr. Naor has been involved as Chief Design Engineer with SagaX since 2004. He has a proven record of excellence in design, implementation and regulation of state-of-the-art medical instruments.
Hilla Shaviv holds a B.Sc. in Mechanical engineering from the California Institute of Technology, and an M.Sc. in Biomedical engineering from Tel Aviv University. In her experience and education she has specialized in the cardiovascular system and the mechanics of blood flow. During her work as a research engineer at Caltech she designed and constructed a novel, feedback controlled, valveless heart assist device. As part of this work she built such advanced systems as an in-vitro, computer-controlled and monitored cardiac system simulator. In addition she developed computational flow simulation technology, which assists in minimizing the number of experiments needed. As an R&D engineer at Biometrix she managed the development of novel medical equipment, from concept to prototype. She prepared project specifications, time tables, medical quality assurance and regulation tests for CE mark and FDA.
Dr. Yuval Shezifi, Ph.D., is an experienced medical device R&D specialist with strong innovative experience and capabilities. He holds a doctorate from the Technion - Israel Institute of Technology and has an academic and practical background in life sciences and physiology. Through his career Dr. Shezifi has specialized in subcutaneous monitoring implants as well as biomechanics and orthopedic (spine) implants, and has authored two US and EU patents, and several pending patents, as well as co-authored a number of scientific journal papers. His previous positions include serving as CTO of Expandis, a company in the field of orthopedic spine implants. Dr. Shezifi led the development of the company's products, as well as the extensive biomechanical testing and clinical trials. He previously worked as Electro-physiology researcher and Head of Biomedical Technologies for Carmel Biosensors, a company in the field of subcutaneous miniature sensory implants.
"We are extremely pleased to welcome Yuval and Hila to the talented scientific team at SagaX," said Alan Lindsay, Chairman and CEO of MIVT. "They bring vast experience and an exceptionally high degree of competency that will help us move the AEPD toward commercialization for use in the surgical marketplace."
Dr. Dov Shimon, CEO SagaX and CMO of MIVT, added, "The strength of MIVT and SagaX lies in the extremely high quality of its people. We are very happy to welcome these highly capable individuals to our team."
The highly innovative SagaX AEPD device is designed to significantly reduce stroke occurrence following heart operations. Stroke is the third leading cause of death, as well as the leading cause of disability. According to a recent publication of the American Heart Association (AHA), each year about 700,000 Americans experience a new or recurrent stroke. About 500,000 of these are first attacks, and 200,000 are recurrent attacks. It is also estimated that the estimated direct and indirect cost of stroke in the US alone for 2006 is $57.9 billion.
About MIV Therapeutics Inc.
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and a broad range of other implantable medical devices. The Company's ultra-thin coating formulation is designed to protect surrounding tissue from potentially harmful interactions with bare metallic stents. The Company's unique ultra-thin coating platform is derived from an organic material called hydroxyapatite (HAp) which has demonstrated excellent safety and biocompatibility in vivo animal studies. Hydroxyapatite is a bioactive porous material that makes up the bone mineral and matrix of teeth and is widely used today as a bone substitute material and for coatings on implantable fixation devices in orthopedic, dental and other applications. The Company's novel polymer-free drug eluting technologies based on Hydroxyapatite could also provide an attractive alternative to current polymer-based drug eluting coatings on the stent market, which have been associated with undesirable medical effects. The Company's drug eluting coatings are additionally designed to suit a broad range of implantable medical devices that could benefit from highly customizable drug release profiles. MIVT has a Collaborative Research Agreement (CRA) with the University of British Columbia and has received Government grant for its research program on the "Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents," under the National Research Council-Industrial Research Assistance Program (NRC-IRAP). Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization stage. For more information, please visit http://www.trilogy-capital.com/tcp/mivt/website.html. To read or download MIV Therapeutics' Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/mivt/factsheet.html. To obtain daily and historical Company stock quote data, and recent Company news releases, visit http://www.trilogy-capital.com/tcp/html/mivt.htm. MIVT is traded on the Frankfurt, Germany, stock exchange under the symbol MIV.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Source: MIV Therapeutics
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