NitroMed nitric oxide PR for stents
by: skiplarson98 (55/M/Montana) 01/08/04 12:53 pm
Msg: 8327 of 8334
Press Release Source: NitroMed, Inc.
Boston Scientific and NitroMed Extend Collaboration on the Development of Nitric Oxide Coated Stents
Thursday January 8, 8:14 am ET
Companies Extend Development Agreement for Two Years
BEDFORD, Mass.--(BUSINESS WIRE)--Jan. 8, 2004--NitroMed, Inc. (NASDAQ:NTMD - News) today announced the extension of an exclusive worldwide research collaboration, licensing and commercialization agreement with Boston Scientific Corporation (NYSE: BSX - News), for the development of nitric oxide coated stents to complement Boston Scientific's Paclitaxel coated stent. Under the agreement the companies will continue to seek to develop and advance nitric oxide releasing compounds that can be incorporated onto stents to treat a variety of vascular diseases. The contract extension continues the research and development collaboration through 2005 and includes an upfront payment of $3 million to NitroMed. The extension builds on the original agreement executed in 2001 and includes milestone payments in the event specified research, development and commercialization milestones are achieved, as well as royalties on any product sales. Prior to the extension NitroMed received a total of $1.5 million in research and development funding and $4.0 million in equity investments from Boston Scientific.
ADVERTISEMENT
"Boston Scientific has been a great ally and we are pleased to extend our agreement," said Michael D. Loberg, Ph.D., President and CEO of NitroMed. "We view this as an important validation of our expertise in nitric oxide-enhancing medicines and highlights our strengths in the development of proprietary new classes of drugs. We believe Boston Scientific, a worldwide leader in medical devices, is well positioned to bring our proprietary nitric oxide-releasing compounds to market in a novel application."
NitroMed has demonstrated in a variety of pre-clinical studies that its proprietary stents coated with a nitric oxide donor can significantly reduce restenosis, which is a narrowing or blockage of the artery that occurs after a procedure such as a balloon angioplasty or a stent placement. This narrowing is primarily caused by an exuberant proliferation of cells, which can eventually block the artery and the blood flow. Nitric oxide is a critical component of the artery and is endogenously produced by the endothelium. It has been shown to play a critical role in vascular stasis as well as inhibiting vascular smooth muscle proliferation, platelet adhesion and aggregation, and local inflammation.
About NitroMed
NitroMed is an emerging pharmaceutical company that discovers, develops and seeks to commercialize proprietary pharmaceuticals based on the therapeutic benefits of the naturally occurring molecule nitric oxide. The Company uses its expertise in nitric oxide biology and chemistry in an effort to develop both novel drugs, as well as safer, more effective versions of existing drugs. Research and development efforts focus on major diseases that are characterized by a deficiency in nitric oxide, such as cardiovascular and inflammatory diseases. BiDil®, the Company's lead product in development, is an orally administered nitric oxide-enhancing medicine being investigated for the treatment of heart failure in African Americans. A late-stage confirmatory trial targeted to enroll 1,100 patients is underway in more than 160 sites throughout the United States. The Association of Black Cardiologists is a joint sponsor of the study. Collaborative partnerships are a key element of the Company's business strategy. NitroMed has agreements with Merck to jointly develop nitric oxide-based COX-2 inhibitors and with Boston Scientific to jointly develop nitric oxide coated cardiovascular stents.
For additional information about NitroMed, please consult the Company's website at www.nitromed.com.
Safe Harbor for NitroMed, Inc...." |
