Healthcare Industry News: Millennium
News Release - January 28, 2008
Medtronic Announces Exclusive Licensing of Arbor Surgical Technologies Pericardial Heart ValveMINNEAPOLIS & IRVINE, Calif.--(HSMN NewsFeed)--Medtronic, Inc. (NYSE:MDT ) and Arbor Surgical Technologies, Inc. today announced an exclusive global licensing agreement under which Medtronic will manufacture, market and distribute Arbor’s bovine pericardial tissue heart valve technologies. In addition, Medtronic has acquired a minority stake in Arbor. Arbor retains its exclusive rights to the modular Trilogy™ Aortic Valve System and sutureless TRE™ implantation technologies.
“We are optimistic that Arbor’s pericardial valve design combined with Medtronic’s proprietary technologies will achieve best-in-class performance. I am truly excited about this opportunity and the ongoing strengthening of our Structural Heart Disease product offering,” said Dr. John Liddicoat, vice president and general manager of the Structural Heart Disease business at Medtronic, “No other comparable technology exists today.” Dr. Thomas Fogarty, Arbor’s chairman and co-founder, added, “I am pleased to be partnering with a company like Medtronic that has the ability to bring our technology to so many patients.”
The technology will complement Medtronic’s Structural Heart Disease therapy objectives, which are focused on developing effective options for valve disease, septal defects and atrial fibrillation. Medtronic anticipates that development of Arbor's technology will enable future pericardial valves to achieve similar industry-leading patient survival outcomes as has been achieved with the highly successful Hancock II® and third-generation Mosaic® and Freestyle® porcine valves. The company will continue to enhance its line of third-generation porcine valves, as well as invest in its transcatheter valve program. Medtronic anticipates manufacturing the valve in its existing production facilities.
Arbor’s heart valve technology was created by valve inventor Ernie Lane, designer of multiple pericardial valves currently on the market, to address several known failure modes exhibited in existing pericardial valve designs. “I was not satisfied with the durability of the existing pericardial valves and felt there to be room for improvement,” said Mr. Lane, Arbor’s co-founder. Arbor’s technology will facilitate the development of Medtronic’s first pericardial valve, which will complement its portfolio of porcine and mechanical heart valves.
According to the Millennium Research Group, more than 106,000 heart valves are expected to be implanted in the in the U.S. in 2008.
Medtronic, Inc., (www.medtronic.com) headquartered in Minneapolis, is the world’s leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease.
Arbor Surgical Technologies, Inc., (www.arborsurgical.com) with facilities in Irvine and Portola Valley, CA (USA), is a privately held cardiovascular device company focused on the minimally invasive heart valve replacement market. Founded in 2002 by Dr. Thomas J. Fogarty and noted heart valve designer, Ernie Lane, Arbor is developing technologies intended to deliver significant clinical benefit to patients worldwide. The Trilogy™ Aortic Valve System and TRE™ attachment systems are designed to expand the use of minimally invasive heart valve procedures.
Any statements made about the anticipated regulatory review or approval are forward-looking statements and subject to risks and uncertainties such as those described in Medtronic’s Annual Report on Form 10-K for the year ended April 27. 2007. Actual results may differ materially from anticipated results.
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