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MIV Therapeutics Subsidiary, SagaX Inc., Accelerates Development of Surgical Stroke Prevention Device Towards Commercialization VANCOUVER, British Columbia--(BUSINESS WIRE)--March 10, 2006--MIV Therapeutics (OTCBB:MIVT - News; FWB:MIV) a leading
developer of next generation biocompatible coatings and advanced drug
delivery systems for cardiovascular stents and other implantable
medical devices, has announced that it has accelerated development of
a novel stroke-preventing implantable device for surgical patients,
and may have the device ready for clinical use within 14 months,
subject to regulatory approval.
The AEPD under development at SagaX is a unique and proprietary filter/deflector device designed specifically to prevent cardioembolic stroke following heart surgery. It works by diverting particles in the bloodstream that might otherwise reach the brain and cause strokes that can cause irreversible damage to the delicate tissue of the brain. The AEPD device is designed for easy insertion and positioning in patients by surgeons during the operation, and can be removed at the end of the procedure. SagaX Inc. is also developing further generations of anti-embolic devices to protect the brain, for applications including trans-catheter procedures and for patients with high risk for cardioembolic stroke, such as those that have had a previous stroke, rhythm disturbance or received a prosthetic valve. The AEPD and similar devices could become commonplace in the near future, enhancing the success of cardiac procedures, and more importantly, improving the individual patient's health, longevity and quality of life. The highly innovative SagaX AEPD device is designed to significantly reduce stroke occurrence, following heart operations. The occurrence of significant cardioembolic stroke following surgery is estimated between one and four percent, although minor neurological deficit is seen in as much as 15% to 30% of surgical patients. Stroke is the third leading cause of death, and the leading cause of disability. According to a recent publication of the American Heart Association (AHA), each year about 700,000 Americans experience a new or recurrent stroke. About 500,000 of these are first attacks, and 200,000 are recurrent attacks. It is also stated that the estimated direct and indirect cost of stroke in the US alone for 2006 is $57.9 billion. On his recent trip to the facilities in Israel, Alan Lindsay, Chairman and CEO of MIVT, said: "I am extremely impressed with the rapid development of this life saving technology. I am especially pleased with the quality and dedication of our talented team in Israel." Recent reports indicate that the global market for implantable stroke prevention devices is expanding rapidly worldwide, and will grow into a $500 million to $1 billion market segment in the next few years. About MIV Therapeutics Inc. MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and a broad range of other implantable medical devices. The Company's ultra-thin coating formulation is designed to protect surrounding tissue from potentially harmful interactions with bare metallic stents. The Company's unique ultra-thin coating platform is derived from an organic material called hydroxyapatite (HAp) which has demonstrated excellent safety and biocompatibility in vivo animal studies. Hydroxyapatite is a bioactive porous material that makes up the bone mineral and matrix of teeth and is widely used today as a bone substitute material and for coatings on implantable fixation devices in orthopedic, dental and other applications. The Company's novel polymer-free drug eluting technologies based on Hydroxyapatite could also provide an attractive alternative to current polymer-based drug eluting coatings on the stent market, which have been associated with undesirable medical effects. The Company's drug eluting coatings are additionally designed to suit a broad range of implantable medical devices that could benefit from highly customizable drug release profiles. MIVT has a Collaborative Research Agreement (CRA) with the University of British Columbia and has received Government grant for its research program on the "Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents," under the National Research Council-Industrial Research Assistance Program (NRC-IRAP). Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization stage. For more information, please visit http://www.trilogy-capital.com/tcp/mivt/website.html. To read or download MIV Therapeutics' Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/mivt/factsheet.html. To obtain daily and historical Company stock quote data, and recent Company news releases, visit http://www.trilogy-capital.com/tcp/html/mivt.htm. MIVT is traded on the Frankfurt, Germany, stock exchange under the symbol MIV. Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Such statements are indicated by words or phrases such as "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Contact: MIV Therapeutics Inc. Investor Relations, 604-301-9545 x14 Toll-free: 800-221-5108 Fax: 604-301-9546 E-mail: investor@mivtherapeutics.com Web: http://www.mivtherapeutics.com/ or, for Product Inquiries and Business Opportunities: Arc Rajtar, 604-301-9545 Ext. 22 arajtar@mivi.ca or Trilogy Capital Partners Paul Karon, Toll-free: 800-342-1467 paul@trilogy-capital.com Source: MIV Therapeutics
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