Healthcare Industry News: Vascular Graft
News Release - July 7, 2006
W. L. Gore & Associates Acquires Novel Liquid Embolic Technology
FLAGSTAFF, Ariz.--(HSMN NewsFeed)--July 7, 2006--W. L. Gore & Associates Inc. (Gore) announced today that it has acquired Neural Intervention Technologies Inc. (NIT), a medical device company developing a novel liquid embolic material for the treatment of blood vessel defects. Financial details and other terms of the agreement are confidential.NIT was founded in 2003 based on the ALGEL(TM) technology developed by Drs. Timothy Becker and Daryl Kipke, and licensed from the University of Michigan and AzTE, a technology transfer company for Arizona State University. The ALGEL product is an alginate-based embolic material designed to fill blood vessel defects, thereby displacing blood pressure effects and preventing vessel rupture. The material is delivered by microcatheters using a controlled delivery system for the treatment of vascular diseases such as cerebral Arteriovenous Malformations (AVMs) and aneurysms. "With this acquisition, we are very excited about the opportunity to further the technology and accelerate the process of bringing this product to the market with the resources from Gore," stated Dr. Houng-Yau Mei, exiting president and CEO of NIT.
Gore's acquisition of NIT provides a unique opportunity to provide superior treatments for patients with blood vessel defects or suffering from hemorrhagic stroke. The acquisition also builds on the company's larger initiative of offering a complete portfolio of products which address stroke. Stroke affects 700,000 people in the United States alone.
With the acquisition of NIT, Gore will commence a Phase I trial of the alginate liquid embolic targeting pre-surgical embolization of AVMs.
Sarah McCurdy, business leader of the Neurovascular Segment within the Gore Medical Products Division, stated, "The acquisition of NIT strengthens our comprehensive strategy for growing our Medical Products Division and Neurovascular business. This unique technology will expand our offerings to stroke patients and could provide other treatment options in the medical products marketplace."
Stuart Broyles, product specialist coordinator for Gore's Neurovascular Segment, stated, "Strategic acquisitions of technologies such as the NIT liquid embolic, reaffirms Gore's commitment to providing superior products that make a significant difference in the lives of patients affected by vessel defects or stroke."
About W. L. Gore & Associates
The Gore Medical Products Division has provided creative therapeutic solutions to complex medical problems for more than three decades. During that time, more than 13 million innovative Gore Medical Devices have been implanted, saving and improving the quality of lives worldwide. The extensive Gore Medical family of products includes Vascular Grafts, endovascular and interventional devices, surgical meshes for hernia repair, and sutures for use in vascular, cardiac, general surgery and orthopedic procedures. Gore was recently named the fifth-best company to work for by Fortune Magazine.
Products listed may not be available in all markets pending regulatory clearance. GORE is a trademark of W. L. Gore & Associates. ALGEL is a trademark of Neural Intervention Technologies Inc.
Source: W. L. Gore
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