Micell Forges Strategic Agreement to Develop Advanced Drug-Eluting Stents and Balloons
Company In-licenses State-of-the-art CE-Marked Cobalt-Chromium Coronary Stent Forms Alliance to Jointly Develop Drug Eluting Balloon Products
RALEIGH, NC, January 12, 2009 – Micell Technologies announced today that that the company entered into a strategic agreement with Maxcor Inc., the newly incorporated subsidiary of Opto Circuits (OCI) Ltd., by which Micell Technologies has obtained the rights to Maxcor’s Genius MAGIC Cobalt Chromium Coronary Stent System for the purpose of developing and marketing Drug-Eluting Stents (DES) based on Micell’s proprietary coating technology. The state-of-the-art stent and delivery system was developed and is marketed in Europe by EuroCor GmbH, a subsidiary of Opto Circuits. The companies also entered into an agreement to develop Drug Eluting Balloon (DEB) products for cardiovascular applications. The specific terms of the agreements have not been disclosed.
Micell’s technology provides for a unique way for the delivery of drugs within bioabsorbable polymers. The company has developed a drug-polymer formulation that can precisely and consistently control drug elution and the duration of polymer exposure. As a result, Micell’s coating has the potential to deliver a precise therapeutic solution for coronary artery disease without the long-term safety concerns of currently available drug-eluting stents. The in-licensing of the Genius MAGIC Cobalt Chromium Coronary Stent System provides the optimal bare-metal stent product for the further development of the company’s drug-polymer coating. In addition, the company believes that DEB will advance the treatment of many clinical conditions while minimizing risks or side-effects of these treatments.
Arthur J. Benvenuto, chairman and chief executive officer of Micell, said, “Our scalable drug and polymer coating process serves as a platform for the development of innovative interventional cardiology systems. We are most impressed with OCI and the high quality and deliverability of their cardiovascular products. Indeed we look forward to working together to accelerate the development of new products that have the potential of improving patient care.”
Vinod Ramnani, chairman and managing director, OCI, commented, “The science of medicating an interventional device is highly complex and requires exceptional clinical expertise and know-how. We are proud to begin working with Micell which has a strong intellectual property portfolio in this arena and which we hope will help give momentum to our jointly developed new products in new and regulated markets.”
About Micell Technologies Inc. Micell Technologies is a privately-held, development-stage biomedical device company dedicated to developing innovative interventional cardiology systems. By applying its unique surface and polymer modification technologies, Micell can precisely and consistently control drug elution and the duration of polymer exposure creating the potential for a therapeutic solution for coronary artery disease without the long-term safety concerns of currently available drug-eluting stents. Its first product in development, MiStent™, is a rapid absorbing coated drug-eluting stent with precise control of drug release and pharmacokinetics. To learn more, please visit our Web site at www.www.micell.com.
About Opto Circuits (India) Ltd.
Opto Circuits (India) Ltd. (OCI) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is a 100 percent EOU and a leading manufacturer of healthcare equipments in India. The product profile includes digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems, stents, catheters and other innovative products. In 2001, OCI acquired 60 per cent stake in Advanced Micronic Devices (AMDL) to market and distribute its products in India. Mediaid came into existence with the acquisition of the patient monitoring division of Palco Labs, US, in end-2003 and it now markets OCI’s products in the US markets directly. OCI acquired EuroCor GmbH in 2006. EuroCor manufactures Cardiac Stents of various types, including Drug Eluting Coronary stents used in critical cardiac care. In April 2007, OCI ventured into new product segments – Urology, Gastroenterology, Gynecology and Orthopedics after acquiring Devon Innovations Private Limited (Bangalore) and Ormed Medical Technology Limited (Chennai). OCI completed the acquisition of US based Criticare Systems, Inc. in April 2008. Criticare designs, manufactures, and markets leading edge patient monitoring systems, vital signs monitors and gas benches for a wide range of hospitals and alternate health care environments throughout the world. Visit us at www.optoindia.com.
Contact: Micell Technologies Arthur J. Benvenuto, Chairman & CEO