VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 22, 2005--MIV
Therapeutics, Inc. (OTCBB:
MIVT -
News), a developer of next-generation
biocompatible stent coatings and drug delivery technologies for
cardiovascular stents and for broad range of implantable medical
devices, has recently closed a Reg S and Rule 506 non-brokered private
placement financing totaling $4.14 million.
"This financing will accelerate our research and development
program focused on the development and successful commercialization of
advanced coatings for a broad range of implantable medical devices and
reconstructive implants based on our proprietary breakthrough
Hydroxyapatite coating technologies," said Alan Lindsay, CEO of MIVT.
"The proceeds from this transaction are an important boost to our
capital resources, and will be sufficient to support the ongoing needs
of MIV Therapeutics' operations and research program on our critical
path to clinical trials."
The proceeds of the transaction will be dedicated to funding the
on-going costs of operations and the Company's aggressive R&D program
that is approaching clinical trials stage. The new generation of
drug-eluting coatings for vascular stents is designed to reduce the
most serious adverse reactions currently associated with present
polymer-based coating technologies. Stents are placed inside arteries
to restore adequate blood flow by propping open arteries narrowed by
vascular disease. Currently available bare-metal stents, as well as
those coated with polymer-based drug-filled coatings, are often
associated with significant rates of inflammation and other adverse
tissue reactions within the stented arteries. MIVT's proprietary
HAp-based coating technology, have demonstrated in extensive
pre-clinical animal studies to have exceptional biocompatibility and
safety, which is considered, a major advantage over existing
polymer-based drug-eluting stents currently available on the market.
Working in close collaboration with the University of British
Columbia, MIVT is focused on developing and delivering to healthcare
markets worldwide a number of effective coating solutions to protect
surrounding tissue from chemical interaction with bare-metal stents.
This undesired interaction may cause aggressive response of the immune
system that typically result in elevated occurrence of restenosis, or
re-blocking of the arteries following angioplasty, and in elevated
risks of dangerous thrombus, or blood clots, within the stented
artery.
About MIV Therapeutics, Inc.
MIV Therapeutics Inc. is developing a next-generation line of
advanced biocompatible coatings for passive and drug-eluting
application on cardiovascular stents and for application on other
implantable medical devices. The Company's ultra-thin coating
formulation is designed primarily to protect surrounding tissue from
the chemical interaction with metal stents. The Company's unique
ultra-thin coating has been derived from a biocompatible material
called hydroxyapatite (HAp) that during in-vivo animal trials
demonstrated 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. The Company's novel drug
eluting technologies based on Hydroxyapatite provide an alternative
solution to polymer-based drug eluting coatings currently in the stent
market. The Company's drug-eluting coating is designed to suit a broad
range of implantable medical devices which may benefit from a highly
customizable drug release profile. MIVT reached a Collaborative
Research Agreement (CRA) with the University of British Columbia and
supported 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.
Arc Rajtar, 604-301-9545 Ext. 22
arajtar@mivi.ca
or
Investor Relations, 604-301-9545 or 800-221-5108
fax: 604-301-9546
investor@mivtherapeutics.com
www.mivtherapeutics.com
or
Trilogy Capital Partners
Paul Karon, 800-342-1467
paul@trilogy-capital.com
