Healthcare Industry News: drug-eluting stent
News Release - January 8, 2007
MIV Therapeutics Executes Private Financings for $4 Million to Support Acquisitions, Development and Distribution of Next Generation StentsPlacement Follows Recent Agreements to Acquire Established Indian and Chinese Interventional Cardiology Companies
ATLANTA--(HSMN NewsFeed)--MIV Therapeutics Inc. (OTCBB:MIVT ; FWB:MIV), a leading developer of next-generation biocompatible polymer-free drug-eluting stents and advanced drug delivery systems, has announced two recent financings totaling $4 million to accelerate the Company's ongoing development of next generation stents and to support recent acquisition activity.
MIVT recently ratified and completed a private placement for an aggregate amount of $4 million pursuant to the terms and conditions of certain private placement subscription agreements. According to the agreement each unit is comprised of one share of the Company's restricted common stock and one non-transferable common share purchase warrant.
Recently, MIVT executed milestone agreements to acquire BioSync Scientific, a leading Indian interventional cardiology company that designs and develop innovative products, including cardiovascular stents and Vascore Medical in China, one of the world's fastest growing cardiovascular stent markets. The expected acquisitions are the latest step in MIVT's strategic plan to become a world leader in the $8 billion plus interventional cardiology market.
"We feel very confident that fiscal year 2007 will be the most exciting and rewarding in MIVT's history," said Dr. Mark Landy. "We will leverage these funds to promote the various strategic initiatives that are currently positioning MIVT to capitalize on the growing international markets for stent technology."
As per the Biosync acquisition agreement, MIVT will receive seven newly announced products that have already received CE Mark certification, a mandatory European community stamp of approval. The new products include the GenX CrCo thin-strut coronary stent system, the GenX stainless steel coronary stent system, the X-ACT Inflation Device, a haemostatic y-connector adaptor kit, an insertion tool, a guide wire torquer and a high-pressure 3-way stopcock all of which are now available for sale in CE Mark jurisdictions world wide.
MIVT also recently announced that it intends to begin the first implants of a HAp Nano Film Coated stent early in 2007. Human implantation represents a significant milestone in MIVT's strategic plan to develop a new class of polymer-free drug-eluting stents that could provide patients with superior outcomes.
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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