MIV Therapeutics, a leading developer of next-generation biocompatible coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, announced that it has entered into a formal agreement to acquire, subject to the prior satisfaction of certain conditions, Vascore Medical (Suzhou) Co., Ltd., a China-based manufacturer of advanced cardiovascular stents and other medical devices.

The proposed Vascore acquisition represents a key strategic achievement for MIVT that is designed to significantly accelerate the Company's commercialization of better, safer products for the multibillion-dollar vascular stent market.

This proposed acquisition is expected to provide MIVT with extensive design, manufacturing and marketing capabilities. MIVT proposed purchase calls for the aggregate payment and issuance of $1 million and 4,000,000 restricted common shares, at a deemed issuance price of $1 per share, over a period of time and subject to release based on certain escrow milestones to be obtained in the next few months.

"By marrying our advanced next generation of biocompatible HAp stent coatings with Vascore's field-tested stent business and strong manufacturing operations, we believe we can accelerate our mission to make MIVT a force in the worldwide cardiovascular stent industry," said Dr. Mark Landy, President of MIV Therapeutics, "This acquisition gives us a significant presence in China, one of the worlds fastest growing cardiovascular stent markets."

Vascore's Chinese headquarters and manufacturing operations are based in Suzhou, China. Vascore was founded in 2001 and has been distributing its cardiovascular stents and other biomedical products throughout China since 2002.

MIVT's HAp-based biocompatible coatings are designed to substantially improve the safety and long-term performance of vascular stents and other devices.

Source:佚名