Micrus Endovascular and Genesis Medical Interventional Sign License, Development and Commercialization Agreement
January 17 2008 - 4:00AM
Business Wire
Micrus Endovascular Corporation (Nasdaq:MEND) and privately held
Genesis Medical Interventional, Inc. today announced that they have
entered into an agreement granting Micrus the rights to Genesis�
F.A.S.T.� Funnel Catheter� and clot retrieval system for the
treatment of ischemic stroke. The transaction includes an initial
upfront payment, future development milestone payments and an
undisclosed royalty on potential future products sales. �Gaining
access to this novel occlusion technology clearly expands our
product offering and reach into the ischemic stroke market.
Additionally, because of the F.A.S.T. Funnel Catheter�s proprietary
design, we believe that it will also provide a platform to be used
in combination with a number of devices for the treatment of
ischemic stroke,� said John Kilcoyne, Micrus Chairman and CEO. �The
F.A.S.T. Funnel Catheter system is designed to quickly and easily
facilitate the endovascular removal of blood clots and other
obstructions while potentially eliminating the limitations inherent
in other clot retrieval devices.� �We are committed to advancing
healthcare by designing safe, easy-to-use products to treat
occlusive vascular diseases and are pleased to partner with an
outstanding company like Micrus to expand use of our system and
further validate our endeavors,� said William R. Dubrul, Genesis
Chief Executive Officer. �We believe our technology offers a
superior and simple proximal occlusion solution that enhances
patient safety and comfort. The F.A.S.T. Funnel Catheter has a
proven track record in both peripheral and coronary clinical cases
completed with excellent results.� About the F.A.S.T Funnel
Catheter System The Genesis F.A.S.T. Funnel Catheter System is a
line of innovative medical devices comprised of a funnel deployed
at the distal end of the catheter through which a physician can
deploy a proprietary clot retrieval system with an umbrella or
parachute-like device. This novel design harnesses a patient�s
blood pressure to provide the sealing force for occlusion. Clots
and other debris are removed and the device is then collapsed and
removed from the patient. About Genesis Medical Interventional,
Inc. Genesis Medical Interventional, Inc. is a privately held
company developing products, based on its minimally invasive Funnel
Catheter platform technologies for improved Proximal Occlusion
Embolic Protection and Thrombectomy in the vascular system. The
company believes its technologies will have applications in many
major medical markets. About Micrus Endovascular Corporation Micrus
develops, manufactures and markets both implantable and disposable
medical devices used in the treatment of cerebral vascular
diseases. Micrus products are used by interventional
neuroradiologists and neurosurgeons primarily to treat cerebral
aneurysms responsible for hemorrhagic stroke, a significant cause
of death worldwide. The Micrus product line enables physicians to
gain access to the brain in a minimally invasive manner through the
vessels of the circulatory system. Micrus� proprietary,
three-dimensional microcoils are unique in that they automatically
deploy within the aneurysm, forming a scaffold that conforms to a
wide diversity of aneurysm shapes and sizes. Micrus also sells
accessory devices and products used in conjunction with its
microcoils. For more information, visit www.micruscorp.com.
Forward-Looking Statements Micrus, from time to time, may discuss
forward-looking information. Except for the historical information
contained in this release, all forward-looking statements are
predictions by the Company�s management and are subject to various
risks and uncertainties that may cause results to differ from
management�s current expectations. Such factors include the
Company�s dependence upon the continued growth in embolic coiling
as a procedure to treat cerebral aneurysms, the Company�s
involvement in patent litigation with Boston Scientific
Corporation, the Company�s limited operating history and history of
significant operating losses, fluctuations in quarterly operating
results, which are difficult to predict, the Company�s dependence
on developing new products or product enhancements, challenges
associated with complying with applicable state, federal and
international regulations related to sales of medical devices and
governing our relationships with physicians and other consultants,
the Company�s ability to obtain regulatory approvals and clearances
and the timing of regulatory approvals and clearances for its
products, product enhancements or future products, the Company�s
ability to compete with large, well-established medical device
manufacturers with significant resources and other risks as
detailed from time to time in the Company�s final prospectus dated
July 13, 2006 and reports and filings with the Securities and
Exchange Commission under the Securities Exchange Act of 1934. All
forward-looking statements in this release represent the Company�s
judgment as of the date of this release. The Company disclaims,
however, any intent or obligation to update forward-looking
statements.
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