Micrus Endovascular Signs Letter of Intent to Acquire Revascularization Technology to Treat Ischemic Stroke
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- Published on Wednesday, 01 August 2007 04:00
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SAN JOSE, CA, USA | Jul 31, 2007 | Micrus Endovascular Corporation (Nasdaq:MEND) today announced that it has signed a letter of intent to acquire the rights to a revascularization technology for the treatment of ischemic stroke from ReVasc Technologies Inc., a start-up company affiliated with the Cleveland Clinic Foundation. The proposed transaction will include an initial $1.0 million cash payment, future development milestone payments and an undisclosed royalty on potential future products sales, and is expected to close on or before October 31, 2007. The transaction remains subject to customary corporate approvals and to the negotiation and execution of definitive documents.
"We believe this proprietary technology represents a new approach to rapidly and efficiently revascularize and restore intracranial blood flow following stroke," said John Kilcoyne, Micrus Endovascular President and CEO. "Our proposed acquisition of the ReVasc technology firmly underscores our commitment to develop and commercialize a broad range of novel and clinically significant devices for the treatment of both ischemic and hemorrhagic stroke. We are exceptionally fortunate to be working with Drs. Henry Woo and David Fiorella, recognized leaders in the neurointerventional field for their vision and creation of the Revasc technology platform."
Henry Woo, M.D., a cerebrovascular neurosurgeon at SUNY Stony Brook, said, "Following the occurrence of stroke, the window for effective treatment by lysing the clot and reestablishing blood flow to the ischemic area of the brain is extremely time sensitive. The development of new methods to achieve reperfusion more quickly could improve results and is highly desirable from both a patient and physician standpoint."
David Fiorella, M.D., Ph.D., Cleveland Clinic interventional neuroradiologist, said, "Current endovascular devices are largely designed to achieve revascularization through clot retrieval or removal. Our endovascular bypass technology represents a completely novel approach by which to immediately, reliably and safely restore cerebral blood flow. This strategy has the potential to overcome many of the limitations presented by the existing technologies."
Stroke is the third leading cause of death and leading cause of disability in the United States with approximately 700,000 new strokes occurring annually. Ischemic stroke accounts for approximately 80% of total stroke instances.
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 to treat hemorrhagic and ischemic stroke, two of the most significant causes 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 arterial system. For the treatment of hemorrhagic stroke Micrus markets proprietary, three-dimensional microcoils, which 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 stents for the treatment of ischemic and hemorrhagic stroke and access products such as guidewires and catheters, which are used in conjunction with its microcoils and stents. For more information, visit www.micruscorp.com.
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 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.
SOURCE: MICRUS ENDOVASCULAR CORPORATION