IRVINE, Calif., Aug. 16 /PRNewswire-FirstCall/ -- Endologix, Inc.
(Nasdaq: ELGX), developer of minimally invasive treatments for
aortic disorders, announced today that it has entered into a
development agreement and exclusive license with Evasc Medical
Systems Corp., for its balloon expandable stent technology. Evasc
is a medical device development company located in Vancouver, B.C. The patented stent is made
from cobalt chromium and is pre-mounted on an angioplasty balloon
catheter for ease-of-use.
Endologix plans to cover the balloon expandable stent with its
proprietary ePTFE graft material and utilize it in conjunction with
the Company's fenestrated stent graft device, which is currently in
pre-clinical development. The fenestrated stent graft will be a new
aortic extension designed to be used with Endologix's Powerlink®
main body bifurcated stent grafts. It is designed to provide an
off-the-shelf, endovascular treatment option for short neck and
juxtarenal abdominal aortic aneurysms (AAA), which require the
graft to extend above the renal arteries in order to achieve proper
fixation and sealing. The balloon expandable stent graft will be
used to branch the fenestrated stent graft into the renal arteries,
allowing normal blood flow to the kidneys.
John McDermott, President and
Chief Executive Officer of Endologix, said, "This patented balloon
expandable stent technology is an important addition to our product
portfolio. It will be integrated into our fenestrated stent graft
device, which will expand the endovascular AAA market to include
short aortic necks and aneurysms that extend up above the renal
arteries. Approximately 15% of diagnosed AAA patients have these
conditions and the vast majority require open surgical repair due
to the lack of fenestrated stent grafts in the market. The balloon
expandable stent technology will also be developed into stand alone
products, creating additional growth opportunities for Endologix in
the future."
Ian McDougall, CEO of Evasc
stated, "We are extremely pleased to have entered into this license
and development agreement with Endologix. Endologix has a respected
reputation in the endovascular market and will be a strong ally for
bringing this balloon expandable stent graft to market and
achieving market penetration. Most important, we are eager to give
patients with juxtarenal AAA a new treatment option with this
combined product."
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive
treatments for aortic disorders. The Company's flagship product is
the Powerlink® System, which is an endovascular stent graft for the
treatment of abdominal aortic aneurysms (AAA). AAA is a weakening
of the wall of the aorta, the largest artery in the body, resulting
in a balloon-like enlargement. Once AAA develops, it continues to
enlarge and, if left untreated, becomes increasingly susceptible to
rupture. The overall patient mortality rate for ruptured AAA is
approximately 75%, making it a leading cause of death in the U.S.
Additional information can be found on Endologix's Web site at
www.endologix.com.
About Evasc Medical Systems Corp.
Evasc is an innovation company focused on creating novel
products in the rapidly advancing field of endovascular medicine.
Evasc is owned by interventional physicians who bring invaluable
insight to product deficiencies, market needs and device design,
facilitating Evasc's mission to bridge early-stage intellectual
property from concept to market adoption. Our business model is to
commercialize innovative medical devices through strategic business
relationships and to provide contract services to customers in the
endovascular sector. Evasc has core strengths in the design,
development, testing, and production of endovascular implants and
their related delivery systems. To find out more about Evasc,
please visit our website at www.evasc.com .
Forward-Looking Statements
Except for historical information contained herein, this news
release contains forward-looking statements, including the planned
expansion of Endologix's product portfolio, the accuracy of which
are necessarily subject to risks and uncertainties, all of which
are difficult or impossible to predict accurately and many of which
are beyond the control of Endologix. Many factors may cause actual
results to differ materially from anticipated results, including
the approval and success of sales efforts for new products, product
research and development efforts, and other economic, business,
competitive and regulatory factors. The Company undertakes no
obligation to update its forward looking statements. Please refer
to the Company's Annual Report on Form 10-K for the year ended
December 31, 2009, and the Company's
other filings with the Securities and Exchange Commission, for more
detailed information regarding these risks and other factors that
may cause actual results to differ materially from those expressed
or implied.
COMPANY
CONTACT:
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INVESTOR
CONTACTS:
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Endologix, Inc.
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The Ruth Group
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John McDermott, CEO
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Nick Laudico (646)
536-7030
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(949) 595-7200
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Zack Kubow (646)
536-7020
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www.endologix.com
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SOURCE Endologix, Inc.
Copyright . 16 PR Newswire