Healthcare Industry News: embolic protection
News Release - November 21, 2007
MIV Therapeutics to Sell Israeli Subsidiary SagaX
ATLANTA, GA--(Healthcare Sales & Marketing Network)--Nov 21, 2007 -- MIV Therapeutics, Inc. (OTC BB:MIVT.OB ) (Frankfurt:MIV.F ), a leading developer of next-generation coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, made public that it has entered into a definitive Share Purchase Agreement to sell all of its issued and outstanding shares of SagaX Inc. ("SagaX") in consideration of the repayment of $4.0 million plus future royalties on sales of 8.0%. The payments will be made in increments of $1.0 million upon the achievement of various equity financing parameters which may be met by SagaX over a four-year period from closing."This transaction is a win-win for all parties," commented Dr. Mark Landy, president of MIV Therapeutics. "The sale of SagaX will allow MIV to better focus on its goal of being a leader in the interventional cardiology space, and saves us in excess of $1.0 million or more annually in development costs, while freeing up SagaX to pursue other financing avenues. SagaX is developing an aortic embolic protection device, a potentially important medical device for which there is great need. This transaction also allows us to participate in potential future product sales via royalty payments."
SagaX is a body corporate subsisting under and registered pursuant to the laws of the State of Delaware, and SagaX is the sole legal, beneficial and registered owner of all of the presently issued and outstanding common shares and securities in the capital of S.M.T. Research & Development, Ltd. ("SMT"), a body corporate subsisting under and registered pursuant to the laws of Israel. SagaX, through SMT in Israel, is principally engaged in the business of developing a neuro-vascular embolic stent filter medical device, called an Anti embolic protection Device. The purchaser under the Share Purchase Agreement is Israeli-based Shimoco LLC, which is owned and controlled by and Dr. Dov Shimon, the founder of SagaX, who has resigned from his position on the company's Board of Directors as a consequence of the entering into of the Share Purchase Agreement. The closing of the Share Purchase Agreement is subject to numerous conditions precedent to closing including, without limitation, final satisfactory due diligence any and all required shareholder and governmental approvals.
About MIV Therapeutics
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents, as well as for 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. This coating platform is derived from hydroxyapatite (HAp), an organic material that has demonstrated excellent in vivo safety and biocompatibility. Hydroxyapatite is a 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 HAp could also provide an attractive alternative to current polymer-based drug-eluting coatings on the stent market, which have been associated with undesirable 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. MIV Therapeutics has a Collaborative Research Agreement 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. Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization. MIV's intellectual property portfolio includes patents held by the University of British Columbia and exclusively licensed to MIV. Key patent applications filed simultaneously in various countries around the world further protect the commercial exclusivity of MIV's inventions in the global marketplace. For more information, please visit www.mivtherapeutics.com.
Forward-Looking Statements
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 including, without limitation, the closing of the Share Purchase Agreement, 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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