Healthcare Industry News: CV Therapeutics
News Release - February 4, 2008
CV Therapeutics and Medlogics Device Corporation Sign Licensing Agreement for CVT's Innovative Stent Coating TechnologyPALO ALTO and SANTA ROSA, Calif., Feb. 4 (HSMN NewsFeed) -- CV Therapeutics, Inc. (Nasdaq: CVTX ) and Medlogics Device Corporation announced today that the companies have entered into an agreement under which Medlogics has licensed CV Therapeutics' proprietary biopolymer stent coating technology to develop a drug eluting stent (DES). CV Therapeutics received Medlogics stock and is entitled to development milestone payments, royalties and other potential payments on future sales of any products incorporating the technology.
Medlogics recently received a CE Mark from European regulatory authorities for its Cobalt Super Alloy (COBRA) stent and expects to launch the stent in Europe in the first quarter of 2008. Medlogics expects to utilize CV Therapeutics' biopolymer stent coating technology to develop a next- generation DES based on the COBRA stent platform.
Stents are small metal mesh devices which can be inserted into clogged blood vessels to reopen them. Commercially available stents with drugs such as paclitaxel or rapamycin in the coating have been shown to reduce the frequency of restenosis, which is the reclosure of the vessel after the stent has been implanted. Based on preclinical data, CV Therapeutics' proprietary biopolymer stent coating technology could potentially improve the performance of these drug eluting stents by controlling the drug release rate more precisely. The proprietary manufacturing process used to create the biopolymer may limit or reduce cracking and peeling following implantation of the stent.
"The novel architecture and thin strut design of our COBRA stent platform, combined with CV Therapeutics' unique bioerodible technology, provide Medlogics with an outstanding opportunity to develop innovative improved products to meet the needs of interventional cardiologists and their patients," said Richard L. Klein, president of Medlogics. "Cardiovascular disease remains the nation's greatest killer, and we are committed to providing new technologies that can improve quality of life for these patients."
"Licensing our proprietary biopolymer stent coating technology to Medlogics with their best-in-class stent design allows CV Therapeutics to potentially generate revenues from future milestones and product sales and to continue focusing on maximizing the potential for Ranexa, regadenoson and our pipeline of pharmaceutical therapies," said Louis G. Lange, CV Therapeutics chairman and chief executive officer.
About CV Therapeutics
CV Therapeutics, Inc., headquartered in Palo Alto, California, is a biopharmaceutical company focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases.
CV Therapeutics' approved product, RanexaŽ (ranolazine extended-release tablets), is indicated for the treatment of chronic angina in patients who have not achieved an adequate response with other antianginal drugs, and should be used in combination with amlodipine, beta-blockers or nitrates.
CV Therapeutics' clinical and preclinical drug development candidates and programs include regadenoson, which is being developed for potential use as a pharmacologic stress agent in myocardial perfusion imaging studies, and CVT-6883, which is being developed as a potential treatment for cardiopulmonary diseases. Regadenoson and CVT-6883 have not been determined by any regulatory authorities to be safe or effective in humans for any use.
Founded in August 2002, Medlogics is a California corporation based in Santa Rosa, California. Medlogics has vertically integrated drug eluting coating, stent and catheter research, development and manufacturing at this facility. The company plans to launch its COBRA stent in Europe in the 1st quarter of 2008.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including operating losses and fluctuations in operating results; capital requirements; regulatory review and approval of our products; special protocol assessment agreement; the conduct and timing of clinical trials; commercialization of products; market acceptance of products; product labeling; concentrated customer base; reliance on strategic partnerships and collaborations; uncertainties in drug development; uncertainties regarding intellectual property; and other risks detailed from time to time in CV Therapeutics' SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007. CV Therapeutics disclaims any intent or obligation to update these forward-looking statements.
Source: CV Therapeutics
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