Took HEM gains this morning, like MIVT .765 +.03 here based on the recent shareholder update on the company: MIV Therapeutics Reports Scientific and Business Achievements in Corporate Review for First Six Months of 2005
Friday July 8, 4:02 pm ET
Milestones Position Company as Leading Innovator of Next-Generation Biocompatible Coronary Stents and Drug-Delivery Technologies
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 8, 2005--MIV Therapeutics, Inc. (OTCBB:MIVT - News), a developer of next-generation biocompatible stent coatings and drug delivery technologies for the treatment of cardiovascular disease, has reported significant progress in a report outlining the achievement of numerous key corporate and technological objectives for the first half of 2005. MIVT has systematically reinforced its strategic goal to capitalize on proprietary Hydroxyapatite (HAp) coating technologies, which have demonstrated consistently high levels of safety and biocompatibility in repeated scientific studies.
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The Company's achievements for the first half of 2005 include execution of a Letter of Intent to acquire India-based Sahajanand Medical Technologies (SMT), the world's third largest manufacturer of drug-eluting stents, and a leading innovator in advanced laser technologies for cost-effective manufacturing of world-class quality cardiovascular stents. During this period, MIVT also successfully acquired SagaX Medical Technologies, a privately held company developing a proprietary Aortic Embolic Protection Device (AEPD), a novel filtration device designed to prevent Cardioembolic Strokes by diverting particles that might otherwise reach the brain. The Sahajanand and SagaX agreements are designed to significantly broaden MIVT's portfolio of technology and expertise, and are expected to provide a major boost to its marketing and commercialization efforts.
"We are very pleased to report that in the first six months of this calendar year were marked with outstanding successes that rewarded our endeavors towards meeting our strategic corporate objectives for 2005," said Alan Lindsay, President and CEO of MIVT. "Our concentrated efforts to develop the core strengths of our proprietary medical device coating technologies are approaching a turning point in MIVT's corporate history. Excellent results from porcine animal trials of the proprietary HAp coating technology and novel drug-eluting solutions confirm their outstanding biocompatibility and safety, and bring a promise of unique therapeutic capabilities. Our recent proposed acquisition of Sahajanand, along with our successfully completed acquisition of SagaX Medical Technologies set a firm foundation for accelerated progress of our technologies to the commercialization stage."
Arc Rajtar, MIVT Vice President of Operations, added: "It has truly been an exceptional year for us thus far. We have received new and exciting validation of our proprietary coating technologies from many sources in and around the biomedical community. These include such events as the successful results from our latest animal trials, and the renewal of government grants and other official endorsements of the HAp-based technologies and products we're developing at an international scale. It is always gratifying to our team to receive independent positive confirmation of MIVT's next-generation coatings, which represent novel and innovative solutions that consistently demonstrate exceptional safety and biocompatibility, and suggest possibilities for significantly improved treatments for heart and cardiovascular disease."
Research & Development Milestones
March 2005 -- MIVT completes a successful pilot preclinical studies performed on different formulations of biocompatible Hydroxyapatite (HAp) nano-film coating specifically designed for cardiovascular stents. Independent histopathology studies confirm excellent biocompatibility and safety of the proprietary HAp coating for vascular applications.
April 2005 -- MIVT files two new patent applications for inventions developed by the Company's R&D Team, which are expected to enable the development and manufacture of a novel class of advanced composite drug-eluting coatings capable of delivering multiple drugs from a single implantable medical device.
April 2005 -- MIVT reports on positive results from several animal studies of the proprietary ultra-thin HAp coating. Consistent and problem-free performance of stents with MIVT's proprietary coatings confirms exceptional safety and biocompatibility of HAp passive coating technologies.
April 2005 -- Cardiovascular stents coated with MIVT's proprietary composite drug-eluting coating demonstrate uncompromised and exceptional biocompatibility and safety. The low amount of neointima ranks with the performance of the best contemporary stents described in literature utilizing a similar experimental setting.
May 2005 -- MIVT commences preclinical trials of its Aortic Embolic Protection Device (AEPD), a unique proprietary filtration device developed by SagaX Medical Technologies, a company that has been acquired by MIVT. AEPD is designed to divert particles that might otherwise reach the brain and cause strokes.
June 2005 -- A three-month follow-up phase of a porcine implantation study of HAp-coated cardiovascular stents demonstrates excellent safety and feasibility of MIVT's HAp-based coating technologies. An interim report on long-term in vivo safety studies performed at the Center for Research in Cardiovascular Interventions at the Methodist Hospital Research Institute in Houston, Texas, confirms earlier predictions of exceptional safety and biocompatibility of the ultra-thin HAp coating technologies at this critical follow-up stage.
Business and Financing Achievements
March 2005 -- MIVT executes a Letter of Intent to acquire Sahajanand Medical Technologies (SMT), one of the world's largest manufacturers of advanced coronary stents. Based in Surat, India, SMT is a leader in the use of high-precision laser technology, and a leading manufacturer of state-of-the-art drug-eluting and non-drug-eluting stents. Established in 1997, SMT is the largest privately-held producer of coronary drug-eluting stents outside of North America, with its stent products sold in more than 33 countries and used in more than 30,000 implants. The Company expects to cross the benchmark of 50,000 implanted stents this year.
March 2005 -- MIVT acquires SagaX Medical Technologies, a privately held company developing a unique Aortic Embolic Protection Device (AEPD). The AEPD is expected to decrease likelihood of strokes and other frequent, serious complications that can result from cardiac procedures, as well as from naturally occurring Cardioembolic Strokes. The market for AEPD is estimated to exceed $1.5 billion by 2009.
March 2005 -- MIVT receives governmental Natural Sciences and Engineering Research Council of Canada (NSERC) grant for research program entitled, "Development of Novel Drug-Eluting Composite Coatings for Cardiovascular Stents." The research is being conducted by MIVT subsidiary MIVI Technologies, Inc. in cooperation with scientists from the University of British Columbia.
June 2005 -- MIVT exercises the option provided in its Collaborative Research Agreement with the University of British Columbia to license four additional technologies for advanced biocompatible and drug-eluting coatings for cardiovascular stents and other medical devices to further the Company's research and development program.
Industry Recognitions and Scientific Presentations
April 2005 -- Dr. Dov Shimon, Chief Medical Officer and Director of MIV Therapeutics Inc. presents MIVT's business and growth strategy based on the Company's unique HAp-based multi-layer/multi-drug delivery systems for vascular stents at the Third Annual Biotechnology Conference in New York, N.Y.
April 2005 -- MIVT announces the online availability (http://www.trilogy-capital.com/tcp/mivt/video.html) of a video presentation of the Company's advanced biocompatible and drug-eluting coatings for cardiovascular stents and other medical devices. The unique passive biocompatible features combined with the active drug-elution functionality of the HAp coating are expected to reduce inflammation and eliminate some complications that are often attributable with currently available cardiovascular stents and other implanted medical devices.
May 2005 -- Dr. Tom Troczynski, PhD, Vice President of Coatings of MIV Therapeutics Inc., and a Professor of Ceramics at UBCeram in the Materials Engineering Dept. of the University of British Columbia, delivers a public presentation entitled, "Progress in Development of Composite Calcium Phosphate Coatings for Stents," and other MIVT Advanced Coating Technologies at the 4th European Symposium of Vascular Biomaterials in Strasbourg, France.
May 2005 -- BiomedDiscoveries.com, an online source for exclusive investor information, announces the availability of an audio interview featuring CEO Alan Lindsay, who discusses the benefits of MIVT's recent acquisition of SagaX Medical Technologies.
May 2005 -- MIV Therapeutics makes debut at the Paris Course on Revascularization (PCR2005) in Paris, France, sharing an exposition booth with potential future partner, Sahajanand Medical Technologies, Pvt. Ltd.
June 2005 -- MIVT is featured in a recent edition of respected European medical industry publication, Cardiovascular News.
Strengthened Management
May 2005 -- Mr. Dhirajlal Kotadia, founder and CEO of India-based advanced stent manufacturer, Sahajanand Medical Technologies, is appointed to the position of Co-Chairman and Managing Director of International Operations for MIVT. Mr. Kotadia pioneered the use of advanced laser cutting technology that transformed the jewelry diamond-cutting industry, founded Sahajanand Medical Technologies in 1998 and has since built the company into the third-largest maker of drug-eluting stents in the world.
About MIV Therapeutics, Inc.
MIV Therapeutics Inc. is developing a next generation line of advanced biocompatible coatings for passive and drug-eluting application on cardiovascular stents and other implantable medical devices. The Company's ultra-thin coating formulation is designed primarily to protect surrounding tissue from the chemical interaction with metal stents. The Company's unique ultra-thin coating has been derived from a biocompatible material called hydroxyapatite (HAp) that during in-vivo animal trials demonstrated excellent safety and superior healing properties pursued by the science in the field of advanced implantable drug delivery systems. Hydroxyapatite is a bioactive porous material that makes up the bone mineral and matrix of teeth. It is widely used as a bone substitute material and for coating implantable fixation devices in orthopedic, dental and other applications. The Company's novel drug eluting technology provides an alternative solution to polymer-based drug eluting coatings currently in the stent market. The Company's drug eluting coating is designed to suit a broad range of implantable medical devices which may benefit from a highly customizable drug release profile. MIVT reached a Collaborative Research Agreement (CRA) with the University of British Columbia and supported a research and development grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) in 2002 for the development of Hydroxyapatite as a drug eluting coating. In December 2004 MIVT received a Government grant for the research program titled "Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents" under the National Research Council -- Industrial Research Assistance Program (NRC-IRAP). Under this sponsorship the Company will progress to the development stage, which is expected to finalize the drug-eluting research and development Program. For more information, please visit trilogy-capital.com. To read or download MIV Therapeutics' Investor Fact Sheet, visit trilogy-capital.com. To obtain daily and historical Company stock quote data, and recent Company news releases, visit trilogy-capital.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Copyright © 2005 MIV Therapeutics Inc. All rights reserved.
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Contact:
MIV Therapeutics Inc.
Investors:
Phone: 604-301-9545
Fax: 604-301-9546
E-mail: inverstor@mivtherapeutics.com
Web: www.mivtherapeutics.com
or
for Product Inquiries and Business Opportunities:
Arc Rajtar, 604-301-9545 Ext. 22
arajtar@mivi.ca
or
Trilogy Capital Partners
Paul Karon, 800-342-1467
paul@trilogy-capital.com
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Source: MIV Therapeutics, Inc. |
