Micrus Endovascular Corporation in Aneurysm Development Partnership with Flexible Stenting Solutions Inc.
SAN JOSE, Calif.--(BUSINESS WIRE)--Micrus Endovascular Corporation (Nasdaq: MEND - News) and privately held Flexible Stenting Solutions Inc. of Eatontown, N.J., today announced the signing of an exclusive agreement to jointly develop a flow diversion technology for neurovascular indications using both Micrus and Flexible Stenting Solutions technology, development capabilities and intellectual property. Flow diversion is a relatively new approach for treating large and giant aneurysms which represent approximately 20%-25% of treated intracranial aneurysms. Unlike microcoils that are placed in the aneurysm, flow diverters are stent-like devices placed in the parent vessel. They serve to divert blood flow away from the aneurysm, thus facilitating healing.
Micrus will be responsible for overseeing the regulatory and clinical process and will manufacture neurovascular products developed based on this collaborative agreement. Under the terms of the agreement, Micrus has made an upfront payment to Flexible Stenting Solutions and will make additional payments upon achieving certain development and regulatory milestones. Micrus will also pay a royalty on net sales of products incorporating the Flexible Stenting Solutions platform.
The Flexible Stenting Solutions platform incorporates a proprietary third-generation self-expanding stent design. The potential benefits of this technology include:
* Accuracy in delivery; * Porosity and flow diversion control based on a unique design pattern; * Increased flexibility during delivery and post-placement vessel conformability; * Allowing for post-placement coiling if necessary; * Proprietary coating that is intended to reduce the potential for thrombogenicity and stenosis.
“We have been evaluating flow diversion technologies for some time as we believe these devices will provide an additional treatment option for interventionalists in the management of difficult-to-treat fusiform, large and giant aneurysms. We are pleased to be working with Janet Burpee and her team to develop a clinically adaptive flow diversion device based on Flexible Stenting Solutions’ proprietary laser cut, self-expanding flow diversion technology,” said John Kilcoyne, Chairman and CEO of Micrus Endovascular. “We expect that our jointly developed technology will be used to treat wide-neck and fusiform aneurysms, as well as other types of clinical situations that currently are not adequately treated with either surgical or endovascular techniques.”
Flexible Stenting Solutions CEO Janet Burpee said, “We are excited about working with Micrus to develop products that will provide a highly clinically adaptive device that by design enables interventionalists with a full range of treatment and post-delivery options. This partnership with Micrus fits our corporate objective of developing specialty solutions based on our proprietary, cutting-edge technology and allows us to extend our proprietary technology to the treatment of cranial aneurysms.”
About Micrus Endovascular Corporation
Micrus develops, manufactures and markets implantable and disposable medical devices for use in the treatment of cerebral vascular diseases. Micrus products are used by interventional neuroradiologists, interventional neurologists and neurosurgeons to treat both cerebral aneurysms responsible for hemorrhagic stroke and intracranial atherosclerosis, which may lead to ischemic stroke. Hemorrhagic and ischemic stroke are both significant causes of death and disability worldwide. The Micrus product lines enable physicians to gain access to the brain in a minimally invasive manner through the vessels of the arterial system. Micrus’ proprietary, three-dimensional microcoils anatomically deploy within the aneurysm, forming a scaffold that conforms to a wide diversity of aneurysm shapes and sizes. Micrus also sells stents, balloon catheters, access devices such as guide catheters, microcatheters, guidewires and accessory products used in conjunction with its microcoils. For more information, visit www.micruscorp.com.
About Flexible Stenting Solutions Inc.
Flexible Stenting Solutions Inc. (FSS) is a leading developer of third-generation flexible peripheral arterial and biliary stents. The company’s lead vascular product candidate, The FlexStent®, is a self-expanding stent specifically designed for the harsh loading conditions present in the dominant sites of peripheral vascular disease in the lower extremity. The FlexStent® leverages state-of-the-art technology, while allowing ease of use and placement for the physician. FSS is an ISO 13485:2003 certified company. For more information, visit the company’s website at www.flexiblestent.com.
Forward-Looking Statements
Micrus, from time to time, may discuss forward-looking information, including estimated fiscal year 2010 revenues and profitability. Except for the historical information contained in this release, all forward-looking statements are predictions by the Company’s management and are subject to various risks and uncertainties that may cause results to differ from management’s current expectations. Such factors include the risk of inconclusive or unfavorable clinical trial results, the Company’s ability to obtain, and the timing of, regulatory approvals and clearances for its products, product enhancements or future products, continued growth in embolic coiling procedures and market acceptance of our products and other risks affecting the Company, including the current worldwide economic conditions, the Company’s limited operating history and history of significant operating losses, fluctuations in quarterly operating results, which are difficult to predict, currency exchange rate fluctuations, the Company’s dependence on developing new products or product enhancements, challenges associated with complying with applicable state, federal and international regulations related to sales of medical devices and governing Micrus’ relationships with physicians and other consultants, the Company’s ability to compete with large, well-established medical device manufacturers with significant resources and other risks as detailed from time to time in risk factors and other disclosures in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009, as well as in its other filings with the Securities and Exchange Commission. All forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company disclaims, however, any intention or obligation to update forward-looking statements.
Contact:
Company Contact: Micrus Endovascular Corporation Gordon Sangster (gsangster@micruscorp.com) Vice President, Chief Financial Officer (408) 433-1400 or Investor Contact: Lippert/Heilshorn & Associates, Inc. Jody Cain (jcain@lhai.com) Bruce Voss (bvoss@lhai.com) (310) 691-7100