Message #83 From:
NewsBot Date: January 8, 2007 12:30:00 AM
MIVT News MIV Therapeutics Executes Private Financings for $4 Million to Support Acquisitions, Development and Distribution of Next Generation Stents
ATLANTA--(BUSINESS WIRE)--MIV Therapeutics Inc. (OTCBB:MIVT)
(FWB:MIV), a leading developer of next-generation biocompatible
polymer-free drug-eluting stents and advanced drug delivery systems, has
announced two recent financings totaling $4 million to accelerate the
Company’s ongoing development of next
generation stents and to support recent acquisition activity.
MIVT recently ratified and completed a private placement for an
aggregate amount of $4 million pursuant to the terms and conditions of
certain private placement subscription agreements. According to the
agreement each unit is comprised of one share of the Company’s
restricted common stock and one non-transferable common share purchase
warrant.
Recently, MIVT executed milestone agreements to acquire BioSync
Scientific, a leading Indian interventional cardiology company that
designs and develop innovative products, including cardiovascular stents
and Vascore Medical in China, one of the world’s
fastest growing cardiovascular stent markets. The expected acquisitions
are the latest step in MIVT's strategic plan to become a world leader in
the $8 billion plus interventional cardiology market.
“We feel very confident that fiscal year 2007
will be the most exciting and rewarding in MIVT’s
history,” said Dr. Mark Landy. “We
will leverage these funds to promote the various strategic initiatives
that are currently positioning MIVT to capitalize on the growing
international markets for stent technology.”
As per the Biosync acquisition agreement, MIVT will receive seven newly
announced products that have already received CE Mark certification, a
mandatory European community stamp of approval. The new products include
the GenX CrCo thin-strut coronary stent system, the GenX stainless steel
coronary stent system, the X-ACT Inflation Device, a haemostatic
y-connector adaptor kit, an insertion tool, a guide wire torquer and a
high-pressure 3-way stopcock all of which are now available for sale in
CE Mark jurisdictions world wide.
MIVT also recently announced that it intends to begin the first implants
of a HAp Nano Film Coated stent early in 2007. Human implantation
represents a significant milestone in MIVT's strategic plan to develop a
new class of polymer-free drug-eluting stents that could provide
patients with superior outcomes.
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 "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. 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.
