BURLINGTON, Mass., Dec. 20 /PRNewswire-FirstCall/ -- CorNova, Inc., a developer of advanced endovascular devices and catheters, and CardioTech International, Inc. today reported that CorNova GmbH, a wholly- owned German subsidiary of CorNova, Inc., has received CE Mark marketing approval for its Valecor(TM) Coronary Stent System. This advanced cobalt- chromium stent uses an innovative design that was developed to maximize flexibility and conformity while providing uniform expansion and coverage. Utilizing some of the thinnest struts of any commercialized coronary stent, The Valecor(TM) stent minimizes strut thickness which is believed to play a significant role in reducing restenosis.
Commenting on today's announcement, CorNova Chairman and CEO Dr. Eric Ryan said: "We are very pleased to announce the Valecor(TM) Coronary Stent System as our first approved product. We believe this bare metal stent system illustrates exceptional characteristics that will position it well in the approximately $1 billion international bare metal stent market and as a platform for our very promising passive and drug-eluting coating systems that are currently in development."
CardioTech's President and CEO Michael Adams stated: "The coatings we are developing with our strategic partner CorNova utilize our custom-formulated ChronoFlex(R) proprietary polymer that has excellent biodurablility, biocompatibility, and elastomeric characteristics that are ideally suited for stents. Our joint development efforts are designed to enhance long-term drug eluting stent performance."
CE Mark approval allows the Valecor(TM) Coronary Stent System to be sold in all European Union countries and well as many other countries worldwide that accept this approval for registration within those countries. CorNova currently has sales and distribution offices in Munich, Germany and Buenos Aires, Argentina.
About CorNova, Inc.
CorNova, Inc., founded in 2003, is focused on the development and marketing of innovative endovascular diagnostics and treatments. CorNova is a business venture among CardioTech International, Inc. , Implant Sciences Corporation , and an experienced international team of business, medical, and engineering professionals within the field of interventional cardiology. CorNova's unified relationship with its numerous strategic partners allows us to build value and opportunity through the utilization of the vast technologies, expertise, resources of these partners, in addition to our talented internal team, to develop and sell innovative interventional devices.
About CardioTech International
CardioTech International, Inc. is a medical device company that designs, develops, manufactures and sells innovative products and materials for the treatment of cardiovascular, orthopedic, oncology, urology and other diseases. The Company's strategic goal is to incorporate its proprietary polymer technology into a wide range of breakthrough medical applications. CardioPass(TM) is CardioTech's proprietary, synthetic coronary artery bypass graft. (SynCAB) The Company generates revenues from sales of advanced medical devices and materials, as well as from contracted product design and development services. More information about CardioTech is available at its website: http://www.cardiotech-inc.com.
CorNova, Inc, and CardioTech International believe that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review CardioTech's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2006 and its Quarterly Reports on Form 10-Q for the periods ended June 30, 2006 and September 30, 2006. The Company assumes no obligation to update the information contained in this press release.
For Further Information Contact:
S. Eric Ryan, M.D.
Chairman & CEO
Eric G. Walters
Vice President & Chief Financial Officer
CardioTech International, Inc.
Senior Vice President
VMW Corporate & Investor Relations
CardioTech International, Inc.
CONTACT: S. Eric Ryan, M.D., Chairman & CEO of CorNova, Inc.,+1-781-270-0055, or email@example.com; or Eric G. Walters, Vice President &Chief Financial Officer of CardioTech International, Inc., +1-978-657-0075,or firstname.lastname@example.org; or Sylvia Dresner, Senior VicePresident of VMW Corporate & Investor Relations, +1-212-616-6161, email@example.com