Healthcare Industry News: CardioTech
News Release - December 20, 2006
Implant Sciences' Strategic Partner Receives CE Mark for Its Valecor(TM) Coronary Stent SystemCornova Obtains CE Mark for Coronary Stent System
WAKEFIELD, Mass.--(HSMN NewsFeed)--Implant Sciences Corporation (AMEX: IMX ) a developer and manufacturer of products for national security, medicine and industry, today announced that CorNova GmbH, a wholly-owned German subsidiary of CorNova, Inc., has received CE Mark marketing approval for its Valecor(TM) Coronary Stent System. Implant Sciences is a major investor in CorNova Inc. with an eighteen percent (18%) ownership interest. This advanced cobalt-chromium stent uses an innovative design that was developed to maximize flexibility and conformity while providing uniform expansion and coverage. Utilizing some of the thinnest struts of any commercialized coronary stent, the Valecor stent minimizes strut thickness which is believed to play a significant role in reducing restenosis.
Dr. Eric Ryan, Chairman and CEO of CorNova, commented, "We are very pleased to announce the Valecor Coronary Stent System as our first approved product. We believe this bare metal stent system illustrates exceptional characteristics that may position it well within the approximately $1 billion international bare metal stent market. We also believe the Valecor stent could provide a platform for promising passive and drug-eluting coating systems which are currently under development."
Dr. Anthony J. Armini, PhD., CEO of Implant Sciences, stated, "We believe the passive coating technology we have developed with our strategic partner, CorNova, could have the potential to improve the biocompatibility of non-drug-eluting stents. Combined with CorNova's drug-eluting polymer and other advanced endovascular technologies, we believe this could contribute to an advancement in drug eluting stent performance."
CE Mark approval allows the Valecor(TM) Coronary Stent System to be sold in all European Union countries as well as many other countries worldwide that accept this approval for registration within those countries. CorNova currently has sales and distribution offices in Munich, Germany and Buenos Aires, Argentina.
About Implant Sciences
Implant Sciences, incorporated in 1984, is using its core ion technology to develop, manufacture and market products for the homeland security, semiconductor and medical device industries. The Company has developed and commercialized portable and bench-top detection devices to identify explosives which are distributed under the Quantum Sniffer(TM) brand name. The Company also provides state of the art ion implantation and wafer analytical services for the semiconductor industry. The Company also develops, manufactures and sells radioactive products for the treatment of cancer, including sales of radioactive seeds for the treatment of prostate cancer and development of a new, FDA approved radioactive source for use in the treatment of breast cancer. For further details on the Company and its products please visit the Company's website at www.implantsciences.com.
About CorNova Inc.
CorNova, Inc., founded in 2003, is focused on the development and marketing of innovative endovascular diagnostics and treatments. CorNova is a business venture among CardioTech International, Inc. (AMEX:CTE ), Implant Sciences Corporation (AMEX:IMX ), and an experienced international team of business, medical, and engineering professionals within the field of interventional cardiology. CorNova's unified relationship with its numerous strategic partners allows us to build value and opportunity through the utilization of the vast technologies, expertise, resources of these partners, in addition to our talented internal team, to develop and sell innovative interventional devices.
Implant Sciences believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review Implant Sciences' filings with the Securities and Exchange Commission, including its Annual Report on Form 10K for the period ended June 30, 2006 and Quarterly Report on Form 10Q for the period ended September 30, 2006. The Company assumes no obligation to update the information contained in this press release.
Source: Implant Sciences
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