MIV, Sahajanand Agree to Form Drug-Eluting Stent Company
MIV Therapeutics (MIVT), a developer of next-generation biocompatible coatings and drug delivery technologies, has executed a letter of intent to acquire Sahajanand Medical Technologies (SMT), a manufacturer of advanced coronary stents.
MIVT is developing a next generation line of proprietary advanced biocompatible coatings for passive and drug-eluting application on cardiovascular stents and other implantable medical devices. MIVT's proprietary ultra-thin coating has been derived from a unique biocompatible material called Hydroxyapatite that has been shown to significantly inhibit the body's inflammatory response and other serious complications. SMT makes drug-eluting stents such as the Infinnium Stent and the Supralimus Stent, as well as the bare-metal Matrix Stent.
The companies believe they will enter into a definitive agreement within the next 30 days, pending the successful completion of routine required auditing procedures. MIVT expects SMT to generate approximately $20 million in revenues in the next year.