Medtronic Pays $28 Million for QT Vascular's Non-Drug Coated Chocolate PTA
Published: May 12, 2017
SINGAPORE, May 12, 2017 /PRNewswire/ -- QT Vascular Ltd., (the "Company" or "QT Vascular", and together with its subsidiaries, the "Group"), a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease, announced today that it has entered into an asset purchase option agreement ("Option Agreement") with Medtronic, for the acquisition of the Group's non-drug coated Chocolate® PTA. The option is exercisable upon achievement of certain milestones.
"We are excited that Medtronic, the world's leading medical device company has taken an interest in our non-drug coated peripheral products," stated Eitan Konstantino, PhD, CEO of QT Vascular. "This is a validation of the intrinsic value of our internally developed products and progress made to date. Management will continue to focus on achieving milestones related to this product line and our coronary and drug coated product portfolio."
Independently, QT Vascular will continue to develop and market its other products including a drug coated version of Chocolate® PTA (Chocolate Touch®), which has received IDE approval from the FDA and its coronary products portfolio of both drug and non-drug coated products.
The Company will convene an EGM to seek the approval of shareholders for the Option Agreement. A circular containing further details on the Option Agreement and enclosing the notice of EGM will be dispatched by the Company to shareholders in due course.
The Company will continue to keep shareholders updated of any material developments as and when appropriate. In the meantime, shareholders and potential investors should exercise caution when trading in the shares of the Company.
About QT Vascular Ltd. (SGX Stock code: 5I0)
QT Vascular Ltd. together with its subsidiaries ("QT Vascular" or the "Group"), is an emerging leader in the development and commercialization of next generation minimally invasive products for the treatment of complex vascular disease. QT Vascular works closely with leading physicians and scientists from around the world to create differentiated devices that improve procedural and clinical outcomes. QT Vascular is based in Singapore with a US subsidiary, TriReme Medical LLC ("TriReme Medical"), based in Pleasanton, California.
For more information, please visit the company website at www.qtvascular.com
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SOURCE QT Vascular Ltd.