Healthcare Industry News: Vascular Graft
News Release - September 10, 2007
BioVascular, Inc. Merges with Revitus and Acquires First-In-Class Platelet Count Reducer
Company Doses First Subjects in Clinical TrialSAN DIEGO, Sept. 10 (HSMN NewsFeed) -- BioVascular, Inc., a company focused on
developing therapies targeting platelet-mediated diseases, today announced that
it
has merged with Revitus, a privately-held company developing a first-in-class
platelet count reducer, BVI-007. The announcement came as the first subject was
dosed in a Phase Ia clinical trial of BVI-007, a thrombopoeitin antagonist that
reduces platelet production without impacting platelet function. BVI-007 is
being
developed for the prevention of myocardial infarction, thrombotic stroke and
death
in patients who have had a previous cardiovascular event.
"BioVascular and Revitus were both focusing on novel therapeutics for platelet-mediated diseases," noted John Parrish, CEO of BioVascular. "By merging, we created a company with two compounds in clinical development. Both compounds target platelets, but with different mechanisms of action and therapeutic applications. Together, Revitus and BioVascular are developing a synergistic portfolio of unique compounds that could potentially solve major problems in the treatment of a wide range of vascular diseases."
As part of the merger, Stephen Hanson, Ph.D., CEO of Revitus, will join BioVascular's board of directors. The merged company will be headquartered in San Diego. Terms of the merger were not disclosed.
Phase Ia Trial Commencement
BioVascular also completed the dosing of the first subjects in a Phase Ia clinical trial designed to evaluate the safety and pharmacokinetics of two novel controlled release formulations of BVI-007.
"Given the limited efficacy and bleeding side effects associated with
current
products used to prevent heart attacks, a clear need exists for improved
therapies," Dr. Hanson said. "Clinical evidence demonstrates that high numbers
of
circulating platelets are associated with an increased incidence of heart attack
and thrombotic stroke. While most companies are developing drugs that interfere
with how a platelet functions, BVI-007 simply reduces the number of circulating
platelets. This novel therapeutic approach should allow for the prevention of
thromboembolic events without increasing the risk of bleeding, potentially
enabling
safer, more effective preventative treatments for at risk patients."
About BVI-007
BVI-007 is BioVascular's second product candidate and acts to reduce
platelet
production without affecting platelet function or affecting the levels of other
blood cellular components. Human clinical studies have shown that high platelet
counts significantly correlate to the occurrence of secondary cardiovascular
events
such as myocardial infarction, thrombotic stroke and death. BioVascular has
secured exclusive worldwide rights to BVI-007. After completion of the Phase Ia
study to determine optimal formulation of BVI-007, a subsequent Phase Ib dose
selection study is expected to start in Q4 2007.
About BioVascular, Inc.
BioVascular is a privately-held, cardiovascular and vascular disease focused
company, dedicated to developing novel therapeutics for platelet-mediated
disorders. Started in 2005, the company is leveraging its exclusive rights to
two
clinical stage cardiovascular compounds with differentiated mechanisms of action
to
become a leading specialty therapeutics company. BioVascular's most advanced
clinical compound, saratin, is currently being studied in two Phase I/II
clinical
trials for Vascular Graft failures due to intimal hyperplasia. The company
recently acquired the full worldwide rights to BVI-007, which reduces platelet
numbers without impairing platelet function.
Source: BioVascular
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