Biosensors Receives First Milestone Payment from Guidant on Everolimus-Eluting Stent.Business Editors SINGAPORE--(BUSINESS WIRE)--July 1, 2003 Biosensors International Biosensors International Group (SGX: B20) is a medical device company that specializes in developing, manufacturing and licensing technologies for use in interventional cardiology procedures and critical care. today announced that the Company has received the first in an anticipated series of milestone payments stemming from an agreement announced March 19, 2003 to sell certain assets of its everolimus-eluting stent program to Guidant Corporation, based in Indianapolis, Ind. The milestone is based on final adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. of the six-month MACE (Major Adverse Cardiac Events) rate for the everolimus-eluting stent being equal to or less than the metallic stent in the control arm. Specific terms of the milestone payment were not disclosed. The agreement provides Guidant an exclusive worldwide license, including commercialization rights to Biosensors' bioabsorbable polymer formulation technology in the field of everolimus eluting stents. It also provides a non-exclusive license to utilize Biosensors' bioabsorbable polymer formulation technology with other drugs in drug-eluting stents controlled by Guidant. Preliminary results presented from the FUTURE I first-in-man clinical trial utilizing everolimus demonstrated no arterial restenosis in 11 patients receiving the drug eluting stent at six-month angiographic follow up. Additional results from the trial were presented by Dr. Eberhard Grube of the Herzzentrum Siegburg in Germany, principal investigator of the study, at the American College of Cardiology The American College of Cardiology (ACC) is a nonprofit medical association established in 1949 to educate, research and influence health care public policy. The president for the 2006–2007 year is Steven E. Nissen. [1] The organization has 39 chapters in the U.S. conference March 30-April 2 in Chicago. A larger FUTURE II trial recently completed enrollment. Under the agreement, Biosensors received an initial payment of $20 million for the asset purchase and licensing fee. Additional payments will be based on the performance of Biosensors' everolimus stent products in clinical trials. Guidant will also make royalty payments on future sales of products that utilize Biosensors' coating technology and/or its everolimus eluting stents. Under the terms of the agreement, Biosensors retains exclusive rights to commercialize other drugs and drug eluting stent coating technologies that it has under development, including its fully biodegradable drug eluting stent program. "Our agreement with Guidant is proceeding according to plan and will serve as a model for other technology licensing and partnering plans going forward," commented Yoh-Chie Lu, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Biosensors International. "This successful licensing agreement supports and validates the innovative portfolio of drug and polymer compound technologies that we are developing." About Biosensors International Biosensors focuses its research in the fields of new drug discovery, stent design and local drug delivery coating development for interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based markets worldwide. Biosensors International is a subsidiary of Sun Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Limited, and seeks to become a leading company specializing in cardiovascular technology. Its manufacturing facilities are certified by world authorities such as the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. , TGA See TARGA. TGA - Targa Graphics Adaptor , ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. and CE Mark. For more information, please visit http://www.biosensors.com.sg. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion