VANCOUVER, British Columbia--(BUSINESS WIRE)--June 6, 2005--MIV
Therapeutics, Inc. (OTCBB:
MIVT -
News), a developer of next-generation
biocompatible stent coatings and drug delivery technologies, announced
that the Company has been featured in a recent edition of respected
European medical industry publication, Cardiovascular News. The
article discussed the Company's recently announced agreement to
acquire Sahajanand Medical Technologies (SMT), a manufacturer of
advanced drug-eluting coronary stents based in Surat, India.
The successful execution of the acquisition will position MIVT as
the world's third largest manufacturer of drug-eluting stents. The
Cardiovascular News article notes that SMT, based in Surat, India, is
the largest privately held producer of coronary drug-eluting stents
outside of North America, with more than 25,000 implants sold in more
than 33 countries. MIVT expects SMT to generate approximately $20
million in revenues in the next year.
MIVT develops advanced biocompatible coatings based on its
proprietary Hydroxyapatite (HAp) technology, designed for use in both
passive and drug-eluting applications on cardiovascular stents and
other medical devices. The Company believes the acquisition of SMT
will position it to become a global technology leader in the stent
marketplace.
"This acquisition creates powerful synergies that will immediately
make MIVT a world-class drug-eluting stent company, uniting our
pipeline of proprietary future technology with SMT's advanced
manufacturing and distribution capabilities," said MIVT's CEO Alan
Lindsay.
The article also discusses a separate strategic agreement that
MIVT has signed with Saga X Medical Technologies, a developer of
advanced proprietary solutions that decrease the likelihood of strokes
and other frequently-occurring, serious complications that can result
from cardiac procedures, as well as naturally occurring Cardioembolic
Strokes.
Cardiovascular News, a respected source of English-language
medical news, is published by London-based BIBA Publishing.
About MIV Therapeutics
MIV Therapeutics is developing a next generation line of advanced
biocompatible coatings for passive and drug-eluting application on
cardiovascular stents and other implantable medical devices. MIVT's
ultra-thin coating formulation is designed primarily to protect
surrounding tissue from the chemical interaction of metal stents.
MIVT's ultra-thin coating has been derived from a unique biocompatible
material called Hydroxyapatite (HAp) that demonstrated during in-vivo
animal trials excellent safety and superior healing properties pursued
by the science in the field of advanced implantable drug delivery
systems. Hydroxyapatite is a bioactive porous material that makes up
the bone mineral and matrix of teeth. It is widely used as a bone
substitute material and for coating implantable fixation devices in
orthopedic, dental and other applications. MIVT reached a
Collaborative Research Agreement (CRA) with the University of British
Columbia and received a research and development grant from the
Natural Sciences and Engineering Research Council of Canada (NSERC) in
2002 for the development of hydroxyapatite as a drug eluting coating.
In December 2004 MIVT received a Government grant for the research
program titled "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 will progress to the development stage, which
is expected to finalize the drug-eluting research and development
program.
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.
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.
Investors:
Dan Savino, 604-628-0556
Fax: 604-301-9546
dan@bravoresources.com
Product inquiries and business opportunities:
Arc Rajtar, 604-301-9545 ext.22
arajtar@mivi.ca
or
Trilogy Capital Partners
Investors:
Paul Karon, 800-342-1467
paul@trilogy-capital.com
