MultiCell Technologies Inc. and its majority owned subsidiary Xenogenics Corp. today jointly announced Xenogenics’ acquisition of Ideal™ BioStent, as well as Xenogenics’ worldwide exclusive license deal with Rutgers University for rights to certain intellectual property related to the Ideal BioStent.
Analysts forecast the multi-billion dollar interventional cardiology and intravascular stent market to reach $4.6 billion at a growth rate of 3 percent to 4 percent annually. Advances in the market center on medical devices innovation that address long-term safety concerns, including the improvement of blood vessel health.
The Ideal BioStent’s is a layered technology that integrates different combinations of polymers and drugs to enable the optimization of the delivery of combination drug therapies to provide superior clinical results.
According to the press release, the Ideal BioStent is the only stent to integrate salicylate, which is the active component in aspirin. The stent offers several advances over currently marketed products including the ability to promote positive vessel remodeling; a significant reduction in late-stent thrombosis risk; no metal artifact remaining in the patient’s body after vessel healing; and the reduced need for long-term and costly anti-platelet therapy.
The company has conducted “extensive” animal testing and initial human use, demonstrating industry equivalence in safety, short-term efficacy and structural integrity.
W. Gerald Newmin, chairman and CEO of MultiCell, said the Ideal BioStent’s positive human clinical trial results leveraged the company’s decision to pursue financing opportunities.
“We saw a significant opportunity to build upon $20 million in invested capital, since the Ideal BioStent has already demonstrated proof of concept in initial human clinical trials,” Newmin stated in the press release.
For more information visit www.multicelltech.com
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