Angioblast obtains license to commercialize stent technology to treat cardiovascular diseases

By E. Janene Geiss

Philadelphia, March 22 - Mesoblast Ltd. said Wednesday that its American sister company, Angioblast Systems Inc., has obtained an exclusive, worldwide license to commercialize next-generation drug-eluting stent technology for the frontline treatment of coronary and peripheral artery disease.

The technology, which is at an advanced stage and shows promise for preventing restenosis in the treatment of diabetes, was developed at Columbia University in New York, according to a company statement.

Under terms of the license, Columbia University will become a minor equity holder in Angioblast. The transaction will not dilute Mesoblast's 33.3% equity holding in Angioblast, officials said.

"This technology will form a unique and highly effective combination regime with our adult stem cell products in the treatment of patients with heart attacks or peripheral artery disease," company chief scientific adviser Silviu Itescu said in the news release.

The company's immediate goal is to obtain regulatory approval of the stents, officials said.

The company also said it anticipates its relationship with Columbia may provide additional opportunities to access breakthrough technologies with a massive market potential.

Mesoblast is a Melbourne, Australia, biotechnology company committed to developing new treatments for orthopedic conditions, including the rapid commercialization of unique stem cell technology aimed at the regeneration and repair of bone and cartilage.

Angioblast is a New York biopharmaceutical company committed to developing and commercializing new therapeutic products for cardiovascular and other diseases.

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