Healthcare Industry News: Hydroxyapatite
News Release - April 9, 2007
MIV Therapeutics Announces Addition of Veteran Management Team Following Recent Acquisition of India-Based Biosync ScientificRenowned Biosync Team to Accelerate Commercialization of Next Generation Stents Targeting $8 Billion Market
ATLANTA--(HSMN NewsFeed)--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, has announced the addition of the Biosync Scientific management team, comprised of well-known and highly respected authorities in the interventional cardiology industry.
The Biosync Scientific management team was responsible for the development of the advanced bare metal stent platform that, when combined with MIVT's biocompatible coatings, recently met critical "FDA Draft Guidance for the Submission of Research and Marketing Applications for Interventional Cardiology Devices" requirements for in vitro mechanical fatigue testing.
The milestone bench test further validated the recent acquisition of India-based Biosync Scientific. The acquisition is expected to accelerate the commercialization of MIVT's proprietary next generation stent technology that targets an estimated $8 billion marketplace.
Among the most prominent members of the Biosync team is founder Rajesh Vaishnav, a highly regarded authority in the Indian interventional cardiology industry. Over the past decade Mr. Vaishnav has been responsible for developing many of the leading bare-metal and drug-eluting stents currently being sold in India and other emerging markets around the world. Mr. Vaishnav will join MIVT as Chief Executive Officer of Biosync Scientific.
"This exceptional management team was one of the most compelling reasons why MIVT completed the acquisition of Biosync," said Mark Landy, President of MIV Therapeutics. "They have been instrumental in creating one of the most innovative interventional cardiology companies in the world with highly competitive products and extensive operational capabilities in India."
Biosync Scientific now provides MIVT with a highly competitive bare metal stent platform that compares favorably with the best bare metal stents available today. Both Biosync's stainless steel and thin-strut cobalt chromium stent platforms are CE Mark-certified for use in Europe and other countries around the world. MIVT will use the Biosync stent platform as the underlying bare-metal stent platform for its proprietary biocompatible polymer-free next generation drug-eluting stents.
Members of the Biosync Scientific management team now working with MIVT, include:
Anil K. Misra--President- Global Marketing & Sales of Biosync Scientific. Mr. Misra has had an extensive career in the marketing and sales of cardiology products. He was responsible for the successful launch of several well-known national and international brands. Previously, Mr. Misra worked as Executive Director of Marketing & Sales, launching the international brand Intregrillin and the successful DES Infinnium and Supralimus. Mr. Misra also holds a Masters in Bio-Sciences and a Masters in Business Administration.
Amitabha Ray--Vice President Global Marketing & Sales of Biosync Scientific. Mr. Ray has a decade of experience in the medical and medical device industry, previously working as General Manager - Products in Sahajanand Medical Technologies Pvt. Ltd. He has vast field experience working in India, Italy, Netherlands, Brazil, China, and many other major international markets both in field of product development & initiation of clinical trial all across the globe. Mr. Ray also holds a Bachelor of Bio-Sciences and a Masters in Business Administration.
Abhay N. Gore--National Sales Manager of Biosync Scientific. Mr. Gore has a Bachelor of Science and has 16 years of experience in sales for the Indian market. Previously, he worked in Sahajanand Medical Technologies as the Zonal Manager, among other companies.
Rohit Chand--Manager Clinical Trials & Regulatory Affairs of Biosync Scientific. Mr. Chad has extensive experience with medical devices for interventional cardiology, working in clinical research, regulatory affairs and quality assurance. He has a Bachelor of Biomedical Engineering.
Kamlesh Tailor--Manager Brand Promotion of Biosync Scientific. Mr. Tailor has a Bachelor of Science and a diploma in Strategic Manufacturing and Processing. His six years of experience have been focused in interventional cardiology (stents) with a specialization in product management and clinical research monitoring and data management.
Shakil Shaikh--Distribution Manager of Biosync Scientific. Mr. Shaikh has experience as the distribution manager in Sahajanand in charge of distribution channels, order processing, inventory control for both India and export markets. He is also responsible for raw materials forecasting and procurement.
The Biosync Scientific acquisition is the latest step in MIVT's strategic plan to become a world leader in the $8 billion plus interventional cardiology market. MIVT also recently signed an agreement to acquire Vascore Medical, a China-based manufacturer and distributor of advanced interventional cardiology devices.
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 a 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/autoir/mivt_autoir.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 "proposed," "expected," "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 and including, without limitation, the potential for the unsuccessful closing by the Company of its Vascore acquisition, together with the raising of funding sufficient to continue with its operations and those contemplated by the Company as a consequence thereof, and the ability of the Company to raise sufficient funding and to continue to develop its various business interests as presently contemplated. 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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