MIV Therapeutics, Inc. (MIVT) a developer of biocompatible coatings and drug delivery technologies, announced today that it has executed an agreement to acquire SagaX Medical Technologies.
SagaX, a privately held Delaware company, is developing a proprietary aortic embolic protection device (AEPD) and other related devices at its research and development center in Herzliya, Israel. The AEPD filters the blood in the aorta - one of the main arteries directing blood to the brain -- capturing embolic particles which originate in the heart and are released during heart surgery and other invasive cardiology procedures. This filtration prevents the embolic particles from traveling upstream in the direction of the patient's brain.
Emboli released during surgery are well tolerated by most organs, but can be very dangerous if they reach the brain. If emboli reach the brain, they can cut off blood flow, triggering strokes. Emboli are one of the chief causes of strokes.
MIVT believes the SagaX embolic protection device will be particularly useful during invasive heart procedures such as electrophysiology, valve dilatations and valve repair through angioplasty. The technology may also find broad preventative application during minimally invasive alternatives to open surgery. The market for AEPD is estimated to exceed $1.5 to $1.8 billion by 2009.
Cardiac surgeon Dr. Dov Shimon, founder of SagaX, will continue to direct the AEPD research and development program. He is also chief medical officer and director of MIVT.
Shimon stated, "Based on the prior experience with implantable vascular mechanical filters, we feel confident that we have developed an effective solution minimizing the chronic high risk of cardioembolic stroke and other potential post-procedural complications frequently associated with open heart surgery and some less invasive cardiovascular procedures."
MIV Therapeutics is developing a next generation line of advanced biocompatible coatings for passive and drug-eluting application on cardiovascular stents and other implantable medical devices.
MIVT's ultra-thin coating has been derived from a unique biocompatible material called hydroxyapatite (HAp) that has been shown to significantly inhibit the body's inflammatory response and the problem of restenosis associated with implanted medical devices. HAp is a biocompatible and bioactive porous material that makes up the bone mineral and matrix of teeth. It is widely used as a bone substitute material and for coating implantable fixation devices in orthopedic, dental and other applications.
Published by Globes [online], Israel business news - www.globes.co.il - on Sunday, March 20, 2005