MIV THERAPEUTICS ACQUIRES BIOSYNC SCIENTIFIC.
Biosync Scientific now provides MIVT with a highly competitive bare metal stent platform that compares favorably with the best bare metal stents available today. Both Biosync's stainless steel and thin-strut cobalt chromium stent platforms are CE Mark-certified for use in Europe and other countries around the world where the CE Mark is recognized such as India. MIVT will use the Biosync stent platform as the underlying bare-metal stent platform for its proprietary biocompatible polymer-free next generation drug-eluting stents.
The Biosync Scientific acquisition is the latest step in MIVT's strategic plan to become a world leader in the $8 billion plus interventional cardiology market. MIVT also recently signed an agreement to acquire Vascore Medical, a China-based manufacturer and distributor of advanced interventional cardiology devices.
Biosync Scientific was founded by Rajesh Vaishnav, a well known and highly respected authority in the Indian Interventional Cardiology Industry. Over the past decade Mr. Vaishnav has been responsible for developing many of the leading bare-metal and drug-eluting stents currently being sold in India and other emerging markets around the world. Mr. Vaishnav will join MIVT as Chief Executive Officer of Biosync Scientific.
"Biosync Scientific not only contributes a highly competitive CE Mark stent platform that compliments our revolutionary polymer-free drug-eluting coatings, but also the leadership, expertise and experience of Mr. Vaishnav, one of India's most respected and well known stent authorities," said Dr. Mark Landy, President of MIV Therapeutics. "We welcome Mr. Vaishnav and his team to the MIVT family, and we look forward to continuing to build our brand in one of the world's fastest-growing markets."
Together this partnership will accelerate the commercialization of MIVT technologies that could successfully address the well-publicized issues facing the current drug eluting stent manufacturers.
Biosync Scientific's stated mission is to improve the quality of patient care and the productivity of health care delivery through the development and advocacy of less-invasive medical devices and procedures. This is accomplished through the continuing refinement of existing products and procedures and the investigation and development of new technologies which can reduce risk, trauma, cost, procedure time and the need for aftercare.
About MIV Therapeutics Inc.
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and 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. The Company's unique ultra-thin coating platform is derived from an organic material called hydroxyapatite (HAp) which has demonstrated excellent safety and biocompatibility in vivo animal studies. Hydroxyapatite is a bioactive 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 Hydroxyapatite could also provide an attractive alternative to current polymer-based drug eluting coatings on the stent market, which have been associated with undesirable medical 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. MIVT has a Collaborative Research Agreement (CRA) 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 (NRC-IRAP). Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization stage.
For more information, visit http://www.trilogy-capital.com/autoir/mivt_autoir.html or call 604/301-9545, ext. 14, or 800/221-5108.
MIVT is traded on the Frankfurt, Germany, stock exchange under the symbol MIV.
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|Publication:||Biotech Equipment Update|
|Date:||Apr 1, 2007|
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