BioVascular, Inc. Merges with Revitus and Acquires First-In-Class Platelet Count Reducer

SAN DIEGO, Sept. 10 /PRNewswire/ -- BioVascular, Inc., a company focused on developing therapies targeting platelet-mediated diseases, today announced that it has merged with Revitus, a privately-held company developing a first-in-class platelet count reducer, BVI-007. The announcement came as the first subject was dosed in a Phase Ia clinical trial of BVI-007, a thrombopoeitin antagonist that reduces platelet production without impacting platelet function. BVI-007 is being developed for the prevention of myocardial infarction, thrombotic stroke and death in patients who have had a previous cardiovascular event.

"BioVascular and Revitus were both focusing on novel therapeutics for platelet-mediated diseases," noted John Parrish, CEO of BioVascular. "By merging, we created a company with two compounds in clinical development. Both compounds target platelets, but with different mechanisms of action and therapeutic applications. Together, Revitus and BioVascular are developing a synergistic portfolio of unique compounds that could potentially solve major problems in the treatment of a wide range of vascular diseases."

As part of the merger, Stephen Hanson, Ph.D., CEO of Revitus, will join BioVascular's board of directors. The merged company will be headquartered in San Diego. Terms of the merger were not disclosed.

Phase Ia Trial Commencement

BioVascular also completed the dosing of the first subjects in a Phase Ia clinical trial designed to evaluate the safety and pharmacokinetics of two novel controlled release formulations of BVI-007.

"Given the limited efficacy and bleeding side effects associated with current products used to prevent heart attacks, a clear need exists for improved therapies," Dr. Hanson said. "Clinical evidence demonstrates that high numbers of circulating platelets are associated with an increased incidence of heart attack and thrombotic stroke. While most companies are developing drugs that interfere with how a platelet functions, BVI-007 simply reduces the number of circulating platelets. This novel therapeutic approach should allow for the prevention of thromboembolic events without increasing the risk of bleeding, potentially enabling safer, more effective preventative treatments for at risk patients."

About BVI-007

BVI-007 is BioVascular's second product candidate and acts to reduce platelet production without affecting platelet function or affecting the levels of other blood cellular components. Human clinical studies have shown that high platelet counts significantly correlate to the occurrence of secondary cardiovascular events such as myocardial infarction, thrombotic stroke and death. BioVascular has secured exclusive worldwide rights to BVI-007. After completion of the Phase Ia study to determine optimal formulation of BVI-007, a subsequent Phase Ib dose selection study is expected to start in Q4 2007.

About BioVascular, Inc.

BioVascular is a privately-held, cardiovascular and vascular disease focused company, dedicated to developing novel therapeutics for platelet-mediated disorders. Started in 2005, the company is leveraging its exclusive rights to two clinical stage cardiovascular compounds with differentiated mechanisms of action to become a leading specialty therapeutics company. BioVascular's most advanced clinical compound, saratin, is currently being studied in two Phase I/II clinical trials for vascular graft failures due to intimal hyperplasia. The company recently acquired the full worldwide rights to BVI-007, which reduces platelet numbers without impairing platelet function.

CONTACT: John Parrish, CEO of BioVascular, Inc., +1-858-455-5000; orCarolyn Hawley, Media-Investor Relations, Porter Novelli Life Sciences,+1-619-849-5375, chawley@pnlifesciences.com, for BioVascular, Inc.