VANCOUVER, BC and LAGUNA HILLS, CA, Jan. 17 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. and privately held Symphony Medical, Inc. today announced that they have entered into an exclusive licensing agreement to employ one of Angiotech's proprietary PEG-based biomaterials as part of a prophylactic therapy envisioned to mitigate the onset of post-operative atrial fibrillation (POAF) for patients undergoing coronary artery bypass grafting and cardiac valve surgeries.
"This agreement is another example of our continuing effort to lessen the complications and improve the outcomes of patients living with cardiovascular disease," said Dr. Bill Hunter, President and CEO of Angiotech. "Our innovative use of cutting edge, site-specific therapy has been central to the development of coronary and peripheral drug-eluting stents, anti-restenosis therapy in bypass surgery and hemodialysis access procedures, and more recently, coronary stem cell therapy and treatments for arrhythmias following open heart surgery," added Dr. Hunter.
Symphony Medical has been engaged in the development of non-destructive biocompatible polymer therapies to treat significant cardiac conditions such as atrial fibrillation and congestive heart failure since 2003. Its lead program involves the development of a prophylactic injection of biopolymer to prevent or reduce the incidence of POAF that occur following coronary artery bypass grafting (CABG) and cardiac valve surgeries. The product under development is a kit which employs a biopolymer, applicator and specialized electrical stimulation device. The concept is protected by a number of patents which are currently pending.
"We are excited about the opportunity to work with Angiotech's biomaterial to address a large unmet clinical need in POAF. According to numerous clinical studies, on average, 40 percent of patients who undergo CABG and coronary valve surgeries develop atrial fibrillation. Based on the success of our preclinical animal model, we have already received EU and Institutional Review Board approval for our 60 patient multi-center 'randomized safety study' in Germany and expect to begin enrolling patients in the first quarter of 2008," said Raymond W. Cohen, CEO of Symphony.
Under the terms of the agreement, Angiotech has been granted an equity position in Symphony Medical in exchange for the exclusive license of Angiotech's technology in the field of POAF. In addition, Angiotech will receive a royalty on end-user product sales should the product receive regulatory approval and is commercialized.
About Post-Operative Atrial Fibrillation (AF)(1)
Atrial fibrillation is a common arrhythmia following open heart surgery that is associated with increased morbidity and mortality. Patients who develop postoperative atrial fibrillation are more likely to have other postoperative complications such as peri-operative MI, CHF and respiratory failure(2). Postoperative atrial fibrillation is associated with longer ICU and hospital stays and consequently, the economic cost can be considerable(3).
Angiotech Pharmaceuticals, Inc. is a global specialty pharmaceutical and medical device company with over 1,600 dedicated employees. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury. To find out more about Angiotech , please visit www.angiotech.com.
About Symphony Medical
Founded in 2003 and headquartered in Orange County, California, Symphony Medical is a privately held, venture-backed company developing proprietary products to address the unmet clinical needs of millions of patients suffering from heart failure and cardiac arrhythmias. The Company's products employ proprietary biocompatible polymers injected directly into specific locations of the heart during either open chest surgery or via a minimally invasive procedure. The biopolymers are engineered to achieve clinical benefit by locally modifying cardiac physiology. To find out more about Symphony Medical, please visit www.symphonymed.com.
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CONTACT: Angiotech Contacts: Jodi Regts, Angiotech Pharmaceuticals, Inc., (604) 221-7930, email@example.com; Symphony Medical Contact: Raymond Cohen, Chief Executive Officer, Symphony Medical, Inc., (949) 348-1188; Deirdre Neary, Angiotech Pharmaceuticals, Inc., (604) 222-7056, firstname.lastname@example.org
CONTACT: Angiotech Contacts: Jodi Regts, Angiotech Pharmaceuticals, Inc.,
(604) 221-7930, email@example.com; Symphony Medical Contact: Raymond Cohen,
Chief Executive Officer, Symphony Medical, Inc., (949) 348-1188; Deirdre
Neary, Angiotech Pharmaceuticals, Inc., (604) 222-7056, firstname.lastname@example.org