Company: Endovasc Ltd., Inc.
The April issue of the British Biotechnology Letter, Oxford,
England,states "scientists at Glaxo Wellcome have proven
the efficacy of Endovasc's PGE-1 and have submitted
to management a multi-million dollar joint venture proposal".
Overview: Corporate Profile
Advanced Vascular Diagnostics and Therapeutics
Montgomery, Texas-based Endovasc LTD., Inc. (OTC BB: ENDV), is a high-tech biopharmaceutical company vying for a share of an estimated $5 billion interventional cardiovascular market. The Company is in the final stages of developing liposomal-based drug delivery products for use in cardiology, with further applications in radiology and oncology.
September 1998 was a milestone month for Endovasc. Endovasc and Cook Endovascular, a pioneering and leading manufacturer of cardiology products, agreed to further research a promising Endovasc product. The product, prostaglandin E-1 (PGE-1), is intended for use, among other applications, as a therapeutic coating for Cook's renowned line of stents which, when expanded, internally support diseased or closed arteries. In the agreement, Cook will entirely fund the project's early research and development.
In late September, Endovasc completed and shipped an initial order of PGE-1 coated AVE stents for major stent producer Arterial Vascular Engineering. AVE, a rapidly growing, $387 million company, will test and evaluate the coated stents for effectiveness in treating blood vessel blockage.
Endovasc also owns patent rights for prostaglandin's use in preventing arterial dysfunction during and following the artery-clearing procedure called angioplasty. The appraised value of these patents exceeds $30 million. Three new patent applications, including the PGE-1 stent coating patent application, have not been appraised. Patents or patents pending protect all of Endovasc's projects, each of which concentrate on post-angioplasty catheter therapeutics or stent coating.
In July 1998, the Company received news that it could begin initial human studies of PGE-1 once the Food and Drug Administration grants the project clearance following a FDA review of animal data. Concurrent studies of PGE-1 at the Polyclinique d' Essey-les-Nancy in France and the University of Texas at Houston, focusing on limb salvage for patients faced with amputation, will begin upon approval. The target date is before the end of 1998. |
