MedAlliance is acquired by Cordis
MedAlliance
GENEVA, April 1 /PRNewswire/
Swiss-based medical technology company MedAlliance announced that it has reached an agreement with Cordis to acquire an initial investment of US$35 million and an upfront payment of US$200 million to meet regulatory milestones in the Value of up to $125 million and graphic milestones of up to $775 million through 2029, adding up to a total price tag of up to $1,135 billion.
Cordis is a global leader in developing and manufacturing interventional cardiovascular and endovascular technologies. MedAlliance’s innovative and revolutionary drug-eluting balloon (DEB) program that continuously delivers sirolimus, called SELUTION SLR™ (Sustained Limus Release), offers a flagship product family, the existing product portfolio, and the sales, marketing and distribution expertise of Cordis added. Cordis customers will benefit from the extensive clinical trials program and publication plan being conducted by MedAlliance to further expand Cordis’ legacy of bringing innovative products to patients.
MedAlliance is headquartered in Nyon, Switzerland. The company specializes in the development of breakthrough technologies and the commercialization of advanced drug combination products, initially for the treatment of coronary and peripheral artery disease. SELUTION SLR is a novel sirolimus-coated balloon platform technology.
“We are very fortunate to have found a partner like Cordis with its strong history of innovation. The company that introduced sirolimus coated stents (DES) in 1999 will now introduce SELUTION SLR Drug Eluting Balloons (DEB) with Limus Delayed Release, eliminating the need for permanent metal implants and bringing stentless PCI to patients around the world.” said Jeffrey B. Jump, Chairman and CEO of MedAlliance.
“Nearly twenty years ago, Cordis introduced CYPHER®, the first drug-eluting stent that transformed cardiovascular care for patients around the world,” said Shar Matin, CEO of Cordis. “As a new independent company, we are beyond proud to continue our legacy of innovation and market disruption with MedAlliance and the first drug-eluting microreservoir sirolimus balloon, SELUTION SLR.”
“I am pleased to report the positive SELUTION SLR data available to date – with first-hand testimonials of the impressive clinical outcomes of patients treated with SELUTION SLR in Japan, India, Europe and South America. We are now spearheading similar efforts to achieve results in the United States. This technology has a critical opportunity to change the treatment paradigm for patients with cardiovascular and peripheral vascular disease,” said George Adams, Principal Investigator of the US study SELUTION4SFA IDE, Director, Cardiovascular and Peripheral Vascular Research, at Rex Hospital Inc. in Raleigh, North Carolina, USA.
SELUTION SLR received CE Mark for the treatment of peripheral artery disease in February 2020 and for the treatment of coronary artery disease in May 2020. The US FDA has awarded SELUTION SLR four breakthrough designations: for the treatment of atherosclerotic lesions in native coronary arteries, in-stent coronary restenosis, peripheral below-the-knee fistula, and arteriovenous fistula in patients on hemodialysis. Coronary, lower knee and SFA indications have received FDA IDE clearance and are currently enrolling subjects in IDE clinical trials.
More than 500 of the 3,326 planned patients have already been enrolled in the groundbreaking randomized controlled coronary trial, which enrolled SELUTION SLR with any drug-eluting limbus stent (DES) to demonstrate the superiority of the SELUTION-SLR-DEB over the DES. SELUTION DeNovo is the largest comprehensive DEB study and has the potential to transform medical practice.
SELUTION SLR technology incorporates unique MicroReservoirs made from biodegradable polymer blended with the anti-restenotic drug sirolimus. These MicroReservoirs provide controlled and sustained release of drug for up to 90 days. The early release of sirolimus from stents has been shown to be highly effective in both coronary and peripheral vasculature. MedAlliance’s proprietary CAT™ (Cell Adherent Technology) allows the microreservoirs to be layered onto balloons and adhere to the vessel lumen when delivered via an angioplasty balloon.
SELUTION SLR is available in Europe and all other countries where the CE mark is recognized.
Information about Cordis
Media contact:
Richard Kenyan
[email protected]+44 7831 569940
Cordis is a global leader in the development and manufacture of interventional cardiovascular technologies with a more than 60-year history of pioneering therapies, treating millions of patients. With a reputation for clinical acumen, education and service, Cordis has a heritage of innovation in classic and minimally invasive cardiovascular products and has established a strong global presence with offices in more than 70 countries around the world.
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