Healthcare Industry News: TriActiv
News Release - May 26, 2006
Kensey Nash Announces Acquisition of Assets of IntraLuminal Therapeutics, Inc.Chronic Total Occlusion Treatment Technology Combines Guidance with Radio Frequency Therapy, Adding Two New Intellectual Property Platforms for Kensey Nash Corporation
EXTON, Pa., May 26 (HSMN NewsFeed) -- Kensey Nash Corporation (Nasdaq: KNSY ) today announced that it has acquired substantially all of the assets of IntraLuminal Therapeutics, Inc. (ILT), Carlsbad, CA, a leading developer of forward guidance systems that safely cross and recanalize chronic total occlusions (CTOs) in the coronary and peripheral arteries. ILT commercialized the Safe-Cross® System in both the U.S. and Europe and developed a patent portfolio of 19 US and corresponding foreign patents focusing on guidance technology in combination with radio frequency energy. The platform technologies have broad therapeutic application for a variety of cardiovascular, surgical, neurological, carotid and men's/women's health procedures. The purchase price for the assets was $8 million in cash.
The assets of ILT are complementary to certain research and development activities that Kensey Nash has initiated for products to treat CTOs. KNC plans to use the ILT technology as a base platform to develop products to meet the clinical needs of the emerging CTO market.
Chronic Total Occlusions are described by thought leaders as the "last frontier" of interventional cardiology. It is estimated that 30-50% of people diagnosed with coronary artery disease have at least one CTO, yet they are rarely treated due to the difficult nature of the condition. By most definitions, CTOs are complete blockages of a vessel that have been present for at least one month and are extremely difficult to cross with conventional guidewire techniques. Often patients are not treated at all or are referred for bypass surgeries, yet if minimally invasive interventional treatment is possible, patient outcomes and one-year survival rates can be significantly improved.
The Safe-Cross® System, which received FDA marketing clearance in 2004, is designed to safely cross CTOs using Optical Coherence Reflectometry (OCR) technology as guidance and Radio Frequency (RF) as an energy source to penetrate the difficult lesions. The Safe-Cross® System is the only commercialized product that combines forward guidance with a crossing mechanism in a familiar guidewire configuration. The System is designed to give the interventionalist real-time feedback as to the proximity of the crossing wire to the arterial wall plus the capability to use RF power on the tip of the wire to assist in penetrating hardened material within the artery, thus facilitating safe and successful passage and placement of therapeutic devices for recanalization in native coronary and peripheral arteries. The Safe-Cross® System will be sold through Kensey Nash's direct endovascular sales forces in the U.S. and Europe after a transition period of nine to twelve months.
"We are very pleased to add these extensive technology platforms and their associated intellectual property to our endovascular business unit," commented Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. "We believe that this acquisition of technology will accelerate our internal product development programs targeting the important CTO market and will provide a foundation for the development of further useful tools to treat CTOs," he concluded.
About Kensey Nash Corporation. Kensey Nash Corporation is a leading medical technology company providing innovative solutions and technologies for a wide range of medical procedures. The Company provides an extensive range of products into multiple medical markets, primarily in the endovascular, sports medicine and spine markets. Many of the products are based on the Company's significant expertise in the design, development, manufacturing and processing of absorbable biomaterials, which has led to partnerships to commercialize technologies. Recently, the Company has created an endovascular division to launch its novel TriActiv® Embolic Protection System, a device designed to prevent debris from traveling downstream from the treatment site during stenting procedures. Kensey Nash is bringing several versions of the device to market, including the TriActiv FX® and TriActiv® ProGuard(TM) Systems. The recently launched QuickCat(TM) Extraction Catheter and the ThromCat(TM) Thrombectomy System are the Company's newest endovascular products. Kensey Nash is also known as a pioneer in the field of arterial puncture closure, as the inventor and developer of the Angio-Seal(TM) Vascular Closure Device, which is licensed to St. Jude Medical, Inc.
Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements that reflect Kensey Nash's current expectations about its prospects and opportunities, including, without limitation, expectations regarding Kensey Nash's TriActiv® System and its other endovascular products. Kensey Nash has tried to identify these forward-looking statements by using words such as "plans," "believes," "expects," "anticipates," "will," "should" or similar expressions, but these words are not the exclusive means for identifying such statements. Kensey Nash cautions that a number of risks, uncertainties, and other important factors could cause Kensey Nash's actual results, performance or achievements to differ materially from those expressed in, or implied by, these forward-looking statements, including, without limitation, the ability of Kensey Nash to obtain necessary regulatory approvals for other versions of the TriActiv® System and other new endovascular products, the ability of Kensey Nash to successfully market the TriActiv® System and other endovascular products, and competition from other technologies in the embolic protection market. For a more detailed discussion of these and other factors, please see Kensey Nash's filings with the Securities and Exchange Commission. Except as expressly required by the federal securities laws, Kensey Nash undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Source: Kensey Nash
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