TORONTO, Dec. 9 /PRNewswire-FirstCall/ -- DURAVEST, INC. (BULLETIN BOARD: DUVT) , (“DuraVest” or the “Company”) is pleased to announce that the Company completed the listing of its shares on the Frankfurt Stock Exchange. The DuraVest shares were listed on the Frankfurt Stock Exchange under the symbol DUV (ISIN: US2665851083) on December 3, 2004. In addition, the listing of DuraVest shares on XETRA (Electronic Trading System) will be completed on December 9, 2004.
DuraVest has contracted the Frankfurt-based securities investment bank Seydler AG Securities to act as a market maker for the company’s shares on the Frankfurt Stock Exchange and designated sponsor in Germany. Seydler AG Securities, a partner of the Deutsche Borse AG, is one of the leading US market experts in Europe, making markets for 197 US companies. Seydler AG has a renowned record for successfully listing biotech companies leading to a significant increase in liquidity and market capitalization, namely the recent listings of Australian biotech companies Epitan Ltd. (XETRA: UR9) and pSivida (XETRA: PSI).
The listing of Duravest shares on the Frankfurt Stock Exchange and the appointment of Seydler AG Securities create a stepping-stone for DuraVest in the European market. The listing represents an exciting opportunity to invest in the quickly growing and highly promising coated stent and estrogen therapy markets previously not represented on the Frankfurt Stock Exchange. The listing also permits investors to trade the shares of DuraVest on the Exchange with significant lower transaction costs.
DuraVest will increase investor awareness and strengthen corporate structure in the first half of next year. Road shows will comprise twenty presentations across Europe, complemented with one-on-one meetings for institutional investors and supported with extensive institutional research and media coverage. The Company also aims to establish relationships with EU regulatory authorities, and to develop collaborative relationships with research partners and suppliers.
BACKGROUND:
In 2001, Cardio Management Systems acquired 26% of Estracure for CAN$2.5 million. Estracure used those funds to begin clinical trials at five sites in Canada, assessing the validity of the use of estradiol with drug- eluting stents. Cardio had an Additional Equity Financing option, which was conditional upon the positive assessment of the human trials in connection with the Estracure project. As a result of the encouraging present progress, Cardio has decided to increase its ownership interest prior to the completion of the human clinical trials.
Cardio will acquire an additional 25% of Estracure for CAN$7.5 million bringing its ownership of Estracure to approximately 51%. The Cardio Financing is scheduled to close on or before December 15, 2004.
DuraVest’s Option to Acquire Cardio
Pursuant to a conditional stock exchange agreement dated April 4, 2002 as amended by an Amendment Agreement dated March 29, 2004 (“Exchange Agreement”) between DuraVest, Cardio and the stockholder of Cardio, DuraVest may acquire all of the outstanding stock of Cardio in exchange for 10,000,000 shares of DuraVest’s common stock. The Exchange Agreement is exercisable by Duravest at its option. Upon completion of the stock exchange agreement, Cardio would become a wholly owned subsidiary of DuraVest.
Duravest intends to close the Exchange Agreement upon fulfillment of specific conditions. It is anticipated that the closing will occur on or before December 31, 2004.
About Estracure Inc. - The Science
Estracure Inc. was founded in 2001 around technologies developed at the Montreal Heart Institute. Based in Montreal, Canada, Estracure is a biopharmaceutical company that focuses on the development of novel cardiovascular therapeutics products for improved care and clinical outcomes for patients with heart conditions.
Estracure has just completed the recruitment of 300 patients for a Canadian double blind, placebo-controlled, randomized Phase II multicenter clinical trial. The objectives of this trial were to demonstrate the efficacy of 17-beta-Estradiol, a natural and endogenous hormone, in preventing restenosis following angioplasty and to establish its safety profile. Analysis of all clinical data has been initiated and final results will be available by Q2 2005. The anticipated successful outcome of this trial will have two significant benefits.
First, it would show that 17-beta-Estradiol is at least as effective as sirolimus and paclitaxel, antiproliferative agents that only prevent smooth muscle cell proliferation and migration. In addition to sharing this effect, 17-beta-Estradiol was also shown, in animal studies, to stimulate endothelial cells proliferation and migration, which are responsible for repairing damaged vessels. This dual mode of action is unique to 17-beta-Estradiol and Estracure will initiate in the near future a clinical trial in which it will attempt to demonstrate the beneficial tissue repair properties of 17-beta-Estradiol.
Secondly, it would demonstrate that 17-beta-Estradiol, because of its endogenous nature, will have a better safety profile that the one of antiproliferative drugs currently used. In October 2003, the FDA has issued a warning on hypersensitivy reactions associated with sirolimus, which in some cases have been fatal. This situation is an important concern for health professionals and patients.
If the anticipated outcomes are confirmed by the analysis of the data provided by the initial clinical trial, Duravest believes that Estracure will have a significant competitive advantage in terms of efficacy and safety and that it will gain rapid adoption in the prevention of restenosis.
About restenosis
When doctors started to use stents after angioplasty to prevent coronary arterial walls from re-closing, they found that in 30 to 50% of the cases re-occlusion occurred in the 3 to 6 months following the procedure. The restenosis is predominantly caused by an excessive multiplication of cells (hyperplasia) associated with the insertion of a stent in the vessel. Renewed surgery is then necessary. The restenosis market is estimated to be between 3-5 billions US dollars.
To avoid restenosis, stents have been coated with various drugs. The first generation of medicated stents was coated with drugs that would reduce and even suppress the excessive cell multiplication preventing the restenosis from occurring. That is the rationale for the utilization of antiproliferative drugs to coat stents.
Estrogen is well known for its cardioprotective properties and it explains why a group of researchers from the Montreal Hearth Institute decided to evaluate the efficacy of a naturally occurring derivative, 17-beta-Estradiol to prevent restenosis associated with angioplasty. In 1999, Estracure demonstrated, in porcine studies, the efficacy of 17-beta-Estradiol in preventing restenosis. These studies also showed that 17-beta-Estradiol achieved this prevention by a dual mode of action. In addition to preventing excessive smooth muscle cell multiplication, like antiproliferative drugs, it also stimulated the proliferation and migration of endothelial cells. These latter cells are important because they are involved in the healing of damaged vessels and contribute to the re-endothelialization of the stented vessel. These characteristics are unique to 17-beta-Estradiol and put it in a class of its own.
Forward-Looking Statement
Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as “Forward Looking Statements” for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward Looking Statements may be identified by words including “anticipate”, “await”, “envision”, “foresee”, “aim at”, “believe”, “intends”, “estimates” including without limitation, those relating to the Company’s future business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the Forward Looking Statements. Readers are directed to the Company’s filings with the U.S. Securities and Exchange Commission for additional information and a presentation of the risks and uncertainties that may affect the Company’s business and results of operations.
Duravest, Inc.
CONTACT: Patti Cooke, President of Duravest, Inc., +1-416-961-1409, orFax: +1-416-964-8779, or wellington96@aol.com
Web site: http://www.duravestinc.com/
