MIVT, Sahajanand form agreement to develop stent solutions

By Lisa Kerner

Erie, Pa., Feb. 3 - MIV Therapeutics, Inc. said it has entered into a collaborative agreement with Sahajanand Medical Technologies, a manufacturer of stents and drug-eluting stents.

Under the agreement, MIVT and Sahajanand will develop products based on the two companies' technologies and solutions for the worldwide vascular stent marketplace, according to a company news release.

The partnership may include initiatives to commercialize MIVT's biocompatible medical device coatings, designed to improve the performance and safety of stents, drug-eluting stents and other medical devices that are implanted in patients.

The strategic collaboration supersedes MIVT's previously announced letter of intent to acquire Sahajanand in a stock-based transaction.

"We believe this newly announced collaborative approach will best serve MIVT and its shareholders. It will give MIVT access to Sahajanand's value as a strategic partner, as well as their global market presence, without requiring the high expense and shareholder dilution of an acquisition," Alan P. Lindsay, MIVT chief executive officer, said in the release.

MIVT is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and other implantable medical devices. The company is based in Vancouver, B.C.

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