VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 13, 2006--MIV Therapeutics (OTCBB:MIVT - News; FWB:MIV), a leading developer of next-generation biocompatible coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, announced that it has entered into a formal agreement to acquire, subject to the prior satisfaction of certain conditions, Vascore Medical (Suzhou) Co., Ltd., a China-based manufacturer of advanced cardiovascular stents and other medical devices.
The proposed Vascore acquisition represents a key strategic achievement for MIVT that is designed to significantly accelerate the Company’s commercialization of better, safer products for the multibillion-dollar vascular stent market.
This proposed acquisition is expected to provide MIVT with extensive design, manufacturing and marketing capabilities. MIVT proposed purchase calls for the aggregate payment and issuance of $1 million and 4,000,000 restricted common shares, at a deemed issuance price of $1 per share, over a period of time and subject to release based on certain escrow milestones to be obtained in the next few months.
“By marrying our advanced next generation of biocompatible HAp stent coatings with Vascore’s field-tested stent business and strong manufacturing operations, we believe we can accelerate our mission to make MIVT a force in the worldwide cardiovascular stent industry,” said Dr. Mark Landy, President of MIV Therapeutics, “This acquisition gives us a significant presence in China, one of the worlds fastest growing cardiovascular stent markets. "
Vascore’s Chinese headquarters and manufacturing operations are based in Suzhou, China. Vascore was founded in 2001 and has been distributing its cardiovascular stents and other biomedical products throughout China since 2002. The Company’s Scientific Advisory Board is based in the U.S and is composed of a number of notable physicians and researchers including; Martin B Leon, MD, Henry R Halperin, MD, MA, Howard Levin, MD, Jie Wang, MD, PHD, Mehmet Oz,MD and Judah Weinberger, MD,PHD. Its R&D and Strategic Marketing arm is also located in the U.S., at the Columbia University Audubon Biomedical Science and Technology Park, New York City’s largest biomedical and biotechnology Research Park.
“Vascore’s stated mission is to provide the latest in Western medical technologies and service directly to Chinese physicians and patients, and this partnership with MIVT will enable us to maintain our leadership as a product and technology innovator,” said James Liu, CEO of Vascore.
MIVT’s HAp-based biocompatible coatings are designed to substantially improve the safety and long-term performance of vascular stents and other devices
About Vascore
Vascore’s mission is to become the leader in Asia in developing and marketing advanced medical devices that extend life and restore the health of patients with heart disease. Vascore was founded in December 2001, by a group of scientists with American training and Interbridge Global Ltd. The original objective of the company was to address the unmet needs of the Chinese cardiology market. In February 2002, Vascore started production of its first product: coronary stents. In April 2002, Vascore obtained Chinese Government Certification as a medical device manufacturer. In September 2002, Vascore’s coronary stent catheter was approved for sale by the Chinese State Drug Administration (SFDA). In March 2003, Vascore received the SFDA Approval of its AAA (aortic) Stent. In April 2004, Vascore started collaborations with Intermed Scientific, LLC in New York that made available a US-based, scientific, engineering and marketing team with experience in both China and the US to help increase the number and quality of products in the enterprise. For more information, visit http://www.vascore.com.
About MIV Therapeutics Inc.
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and a broad range of other implantable medical devices. The Company’s ultra-thin coating formulation is designed to protect surrounding tissue from potentially harmful interactions with bare metallic stents. The Company’s unique ultra-thin coating platform is derived from an organic material called hydroxyapatite (HAp) which has demonstrated excellent safety and biocompatibility in vivo animal studies. Hydroxyapatite is a bioactive porous material that makes up the bone mineral and matrix of teeth and is widely used today as a bone substitute material and for coatings on implantable fixation devices in orthopedic, dental and other applications. The Company’s novel polymer-free drug eluting technologies based on Hydroxyapatite could also provide an attractive alternative to current polymer-based drug eluting coatings on the stent market, which have been associated with undesirable medical effects. The Company’s drug eluting coatings are additionally designed to suit a broad range of implantable medical devices that could benefit from highly customizable drug release profiles. MIVT has a Collaborative Research Agreement (CRA) with the University of British Columbia and has received Government grant for its research program on the “Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents,” under the National Research Council-Industrial Research Assistance Program (NRC-IRAP). Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization stage. For more information, please visit http://www.trilogy-capital.com/tcp/mivt/website.html. To read or download MIV Therapeutics’ Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/mivt/factsheet.html. To obtain daily and historical Company stock quote data, and recent Company news releases, visit http://www.trilogy-capital.com/tcp/html/mivt.htm. MIVT is traded on the Frankfurt, Germany, stock exchange under the symbol MIV.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as “proposed”, “expected”, “believe,” “will,” “breakthrough,” “significant,” “indicated,” “feel,” “revolutionary,” “should,” “ideal,” “extremely” and “excited.” These statements are made under “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties and including, without limitation, the potential for the unsuccessful closing by the Company of its Vascore acquisition, together with the raising of funding sufficient to continue with its operations and those contemplated by the Company as a consequence thereof, and the ability of the Company to raise sufficient funding and to continue to develop its various business interests as presently contemplated. See the Company’s filings with the Securities and Exchange Commission including, without limitation, the Company’s recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Contact: MIV Therapeutics Inc. Investor Relations, 604-301-9545, x14 Toll-free: 800-221-5108 Fax: 604-301-9546 E-mail: investor@mivtherapeutics.com Web: http://www.mivtherapeutics.com/ or, for Product Inquiries and Business Opportunities: Arc Rajtar, 604-301-9545, x22 arajtar@mivi.ca or Trilogy Capital Partners Paul Karon, 800-592-6067 paul@trilogy-capital.com
Source: MIV Therapeutics Inc.
