CV Therapeutics and Medlogics Device Corporation Sign Licensing Agreement for CVT's Innovative Stent Coating Technology
February 04 2008 - 4:01PM
PR Newswire (US)
PALO ALTO and SANTA ROSA, Calif., Feb. 4 /PRNewswire-FirstCall/ --
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,
Ranexa(R) (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. About Medlogics
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. DATASOURCE: CV Therapeutics, Inc.
CONTACT: John Bluth, Executive Director, Corporate Communications
& Investor Relations of CV Therapeutics, Inc., +1-650-384-8850;
or Richard Klein, President, Medlogics Device Corporation,
+1-707-545-5700 Web site: http://www.cvt.com/
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