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Conor Medsystems Signs Multi-Drug Agreement to Develop Next-Generation Reservoir-Based Drug-Eluting Stents
MENLO PARK, Calif., March 15 -- Conor Medsystems, Inc. (Nasdaq: CONR), a developer of innovative controlled vascular drug delivery technologies, today announced that the company has signed an agreement with Novartis Pharma AG (NYSE: NVS) granting Conor the right to evaluate three Novartis pharmaceutical compounds -- imatinib mesylate, pimecrolimus and a pre-commercial compound, midostaurin -- for the potential development of a novel product combining a Novartis compound with Conor's reservoir-based drug-eluting stents for the treatment of vascular diseases. Based on the terms of the Agreement, Conor will initially evaluate all three compounds and, based on results, will have the option to obtain a world- wide, non-exclusive license to develop, manufacture and commercialize products combining Conor's novel drug-eluting reservoir-based cobalt chromium stents with one of the three compounds evaluated. If Conor exercises its option to license one of the compounds, the company will be responsible for product development, including clinical trials, manufacturing and regulatory filings, and will pay Novartis licensing fees, milestone payments and royalties on product sales. Novartis will supply Conor with the compounds and will collaborate with Conor on regulatory and technical issues. Further terms of the agreement were not disclosed. "We believe that the results of the recently presented ISAR-DIABETES, Taxus V and SIRTAX trials clearly indicate a need for improved efficacy of drug-eluting stents in real world patient populations. The Novartis agreement has the potential to expand Conor's development pipeline by enabling us to explore the therapeutic potential of Novartis' leading agents with our proprietary stent platform," said Frank Litvack, M.D., Chairman and CEO of Conor. "Given that Conor's reservoir technology is designed to optimize release kinetics, as well as to deliver multiple drugs with independent mechanisms of action, we are excited to initiate research with the aim of developing important next-generation drug-eluting stents. Conor is committed to leading innovation in vascular drug delivery. We are pleased to have access to these three unique Novartis drugs so that we may pursue novel pharmacologic approaches." The Novartis compounds will be tested in combination with Conor's cobalt chromium stent platform to evaluate their potential in treating restenosis and related vascular diseases. Imatinib mesylate belongs to a class of drugs collectively known as signal transduction inhibitors. It is an inhibitor of several protein-tyrosine kinases including PDGF that are believed to play a role in reducing cell proliferation and therefore may have applications in the treatment of restenosis. Pimecrolimus is a cell-selective inhibitor of the production and release of pro-inflammatory cytokines. It is believed that inflammation is one of the key mechanisms in restenosis as well as other vascular inflammatory diseases such as unstable plaques. Midostaurin is an inhibitor of both FGF protein kinases and extracellular matrix synthesis associated with vascular endothelial dysfunction such as in the restenosis process in diabetic patients. In contrast to conventional coated stents, Conor's stent design incorporates hundreds of small holes which act as reservoirs for drug-polymer compositions. Conor's stent design and use of these reservoirs enables a wide range of drug release kinetics and provides greater directional control over the release of drug, which Conor believes allows for more targeted treatment within the artery and more efficient use of the therapeutic agent. As a result, Conor is able to utilize a wider range of polymers and drugs, including water-soluble compounds, as compared with conventional surface- coated stents. Conor is currently developing its CoStar™ cobalt chromium paclitaxel- eluting stent for the treatment of restenosis in Europe and in the U.S. Additional programs are underway to explore the utilization of other compounds for the treatment of restenosis and other vascular diseases including the treatment of acute myocardial infarction-induced ischemia. CoStar is not available for sale in the United States. Costar is an investigational device limited by law to investigational use. About Conor Medsystems Conor Medsystems, Inc. develops innovative controlled vascular drug delivery technologies, and has initially focused on the development of drug eluting stents to treat coronary artery disease. For further information on Conor Medsystems and controlled vascular delivery, visit www.conormed.com. Except for the historical information contained herein, this press release contains certain forward-looking statements that involve risks and uncertainties, including without limitation the statements related to product development and the potential benefits of the agreement with Novartis Pharma AG. All forward-looking statements and other information included in this press release are based on information available to Conor Medsystems as of the date hereof, and the Company assumes no obligation to update any such forward- looking statements or information. The Company's actual results could differ materially from those described in the Company's forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in detail under the heading "Risk Factors" in the Company's prospectus filed with the SEC on December 14, 2004 pursuant to Rule 424(b), including: (i) the risk that if any patent infringement claims or other intellectual property claims against the Company are successful, the Company may, among other things (a) be enjoined from, or required to cease, the development, manufacture, use and sale of products that infringe the patent rights of others, including the Company's CoStar stent, (b) be required to expend significant resources to redesign its technology so that it does not infringe others' patent rights, which may not be possible, and/or (c) be required to obtain licenses to the infringed intellectual property, which may not be available to the Company on acceptable terms, or at all; (ii) the risk that intellectual property litigation against the Company could significantly disrupt the Company's development and commercialization efforts, divert management's attention and quickly consume the Company's financial resources; (iii) the risk that the Company may not be successful in its efforts to expand its portfolio of products and develop additional drug delivery technologies; and (iv) uncertainties surrounding the Company's commercial opportunities in the medical device industry and the risk that that the Company may not be able to obtain or maintain a competitive position in the development of technologies and products in the drug delivery field. The risks and other factors discussed above should be considered only in connection with the fully discussed risks and other factors discussed in detail in the prospectus and the Company's future periodic reports to be filed with the SEC under the Securities Exchange Act of 1934, as amended. CONTACT: investors, Michael Boennighausen, Chief Financial Officer of Conor Medsystems, +1-650-614-4100; or Karen L. Bergman, +1-650-575-1509, or Nan Foster, +1-415-307-6955, both of BCC Partners, for Conor Medsystems Web site: http://www.conormed.com SOURCE: Conor Medsystems, Inc. |
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