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RESVERLOGIX LICENSES STENT DRUG TO MEDTRONIC

July 20, 2006

In a major Canadian biotech deal, drug developer Resverlogix, located in Calgary, Alberta, has licensed its cardiovascular stent medication to Minneapolis-based Medtronic for $340 million.

The deal, announced July 19, gives Medtronic "exclusive rights to develop and commercialize its ReVas technology with drug eluting medical devices for the local, nonsystemic treatment of cardiovascular diseases," especially restenosis and stenosis, Resverlogix said.

Medtronic's vascular unit uses the restenosis-inhibiting drug Zotarolimus for its Endeavor drug-eluting coronary stent system through a licensing agreement with Abbott Laboratories, Resverlogix noted. "That agreement will continue and is not affected by any potential future use of Resverlogix products" and Medtronic's ability to pursue other drug-eluting stent technologies is not affected by the agreement, the firm added.