CHATTANOOGA, TN--(Marketwire - June 18, 2012) -
Advanced Catheter Therapies, Inc. (ACT), (www.acatheter.com
) today announced that it has contracted with Hatch Medical, L.L.C. (www.hatchmedical.com
) to assist with licensing the company's lead vascular catheter product.
"We are extremely excited about the substantial progress we've made in the development of the patented Occlusion Perfusion Catheter™ (OPC), and that has encouraged us to move forward with commercializing the OPC, a universal localized therapeutic agent delivery catheter. We are also in the process of filing a 510(k) application with the U.S. FDA for the OPC," said Paul J. Fitzpatrick, CEO of ACT.
"We believe the OPC represents a next generation platform technology with tremendous potential to disrupt the therapeutic agent delivery markets, including but not limited to drug coated/eluting stents and balloons," said Paul Gianneschi, Managing Principal and Founder of Hatch Medical.
"The increasing occurrences of vascular and related diseases due to obesity and diabetes have generated an unprecedented need for devices such as the OPC," Gianneschi continued. "The market potential for this device is significant, with some estimates in excess of U.S. $8 billion. As you can imagine, we are very pleased to play a role in bringing this exciting technology to market."
The OPC is a multi-lumen balloon catheter designed to temporarily occlude a specific region from blood flow to allow the local delivery of therapeutic agents to the peripheral and eventually the coronary vasculature. The OPC has the ability to create a localized treatment chamber for the delivery of various types of therapeutic agents, including pharmaceuticals, live cells and biologics, to treat a variety of disease states and place the agent circumferentially into the vasculature of the treatment chamber.
An example of one of the vascular disease states the OPC has the potential to address is restenosis, which occurs in approximately 30-40 percent of all patients treated with procedures such as atherectomy, and balloon angioplasty. "These procedures actually create a controlled injury to the arterial vessel wall, causing a cascade of events that result in restenosis," explained Rex Teeslink, MD, the inventor of the device. "This can occur in as little as six months and requires surgical re-intervention."
The OPC is unique in its ability to measure pressure applied inside the treatment chamber and its inflow and outflow ports for chamber evacuation, filling and flushing. The OPC affords clinicians substantial procedural control along with the ability to select the treatment agent and volume along with preventing systemic release of the treatment agent.
In 2012, ACT raised a total of $2.98 million in Series A equity financing through an investment consortium in Chattanooga, TN. This has fueled the company's research and development, allowing substantial progress on the OPC while continuing to build a development pipeline of devices designed to improve endovascular debulking procedures (the clearing of blocked blood vessels).
Advanced Catheter Therapies (www.acatheter.com), an early stage research and development medical device company, has a portfolio of innovative catheter technologies targeting vascular disease including thrombosis, inflammation, occlusions and restenosis.
About Hatch Medical, L.L.C.
Hatch Medical (www.hatchmedical.com) is an incubator and broker of medical device technologies, assisting clients in the sale, license or distribution of valuable medical device assets.