BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Millimed AB And Blue Medical Refocus Their Drug-Eluting Device Operations As Separate Stand Alone Entities


11/18/2005 11:52:28 AM

ROSKILDE, Denmark and HELMOND, the Netherlands, Nov. 18 /PRNewswire/ -- Bob Mitchell, CEO of Millimed and Ronald Horvers, CEO of Blue Medical announced today that they have finalized a strategy that will realign their core businesses and will operate as stand alone entities. All commercial activities related to coronary stent and balloon development and production, as well as sales and marketing functions will continue as a separate entity under the name Blue Medical, headquartered in Helmond, The Netherlands. Roskilde Denmark will continue to be the WW headquarters of Millimed with a strong focus on nitric oxide based development programs. Millimed is also expanding their expertise in developing novel polymers and other biomaterials as molecular carriers to be used in the creation of advanced drug-elution systems from medical devices.

Millimed Holding, Inc. was founded in 2003 to develop innovative treatment solutions for vascular disease and endothelial management. The company has developed and is currently testing next generation alternatives for use in site-specific drug elution. Millimed will leverage its strong IP portfolio surrounding nitric oxide elution and develop nanospun coatings in conjunction with these various drug elution mechanisms.

Founded in 1998, Blue Medical will continue to run sales and marketing operations and the development and manufacturing of coronary stents, PTCA catheters and next generation coronary drug eluting stent (DES) platforms. Blue Medical has a pipeline of new coronary stents, novel PTCA catheters to be launched within the next six months, and ongoing Melatonin-eluting stent trials.

The development of DES technology has grown rapidly since it became the standard of care for treating coronary blockages in the US and in Europe. Latest clinical research findings indicate that DES significantly reduces the incidence of restenosis, a renarrowing of the widened coronary segment within about six months of the procedure. DES have substantially contributed to the expansion of the stent market since its inception and worldwide sales now exceed $5 billion with major players such as Boston Scientific and Johnson& Johnson with DES currently on the market. New US market entries are expected by Guidant Corp, Medtronic Inc, Abbott Laboratories and Conor Medsystems Inc. Recently raised issues of late stage in-stent thrombosis and restenosis point to the need for ongoing development of both therapeutic compounds and delivery systems which will continue to improve the performance of DES in a variety of vascular applications.

"Refocusing our core businesses into two separate entities will enable both companies to concentrate all their resources toward core R&D projects," says Bob Mitchell, CEO of Millimed. "Millimed's novel coating and nitric oxide eluting systems for increased vascular healing has unlimited potential. We are working in partnership with device producers all over the world over to fully leverage this technology." The new structure will also allow Blue Medical to re-focus on their area of expertise in interventional cardiology. "I look forward to a healthy relationship between both companies as we move forward and build on our core competencies. With Blue Medical's strong position in interventional cardiology worldwide, we look forward to continue the sales and marketing business in a new consolidated format," said Ronald Horvers, CEO of Blue Medical. Blue Medical's Helmond based R&D department will continue to focus on the development of the MELISSA drug eluting stent system, currently in human trials. As a stand alone privately owned entity, Blue Medical is now able to better execute its strategy of creating a strong IP portfolio that will cover the latest drug eluting medical devices coupled with its novel drug applications and proprietary bioabsorbable polymers. The company will also continue to support Millimed on the device side of their novel nitric oxide development programs.

Contacts: For Millimed Robert D. Mitchell Bob.Mitchell@millimed.com +45 (0)46-76 14 20 http://www.millimed.com For Blue Medical Ronald A.M. Horvers ronald.horvers@bluemedical.com Tel: +31(0)492-588900 http://www.bluemedical.com

Millimed; Blue Medical

CONTACT: Robert D. Mitchell of Millimed, +45 (0)46-76 14 20,Bob.Mitchell@millimed.com; or Ronald A.M. Horvers of Blue Medical,+31(0)492-588900, ronald.horvers@bluemedical.com



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES