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MediVas, LLC, Signs Licensing Agreement with Estracure Inc. of
Montreal Canada for Drug Delivery Technology for Drug Eluting Stents
San Diego, CA -- July 19, 2005 -- Kenneth Carpenter, President and CEO of MediVas LLC, a San Diego based biomaterials company, and Dr. Marc Lussier, Chief Executive Officer of Estracure, Inc., a subsidiary of Duravest, Inc., a publicly traded holding company (OTC BB: DUVT, XETRA: DUVT.ETR), announced the signing of an agreement for the exclusive use of the MediVas PEA drug delivery technology in conjunction with Estracure's core technology to develop a 17-?-Estradiol drug-eluting stent (DES) to treat patients suffering from coronary heart diseases.
The development of drug eluting stents has grown rapidly since DES became the standard of care for treating coronary blockages in the US and in Europe. Latest clinical research findings indicate that DES reduce the need for repeat percutaneous transluminal coronary angioplasty (PTCA) due to restenosis, a renarrowing of the widened coronary segment within about six months of the procedure. Drug eluting stents have substantially contributed to the expansion of the stent market since its inception and worldwide sales now exceed $ 5 billion. Recently raised issues of late stage in-stent thrombosis and in-stent restenosis point to the need for ongoing development of both therapeutic compounds and delivery polymers which will continue to improve the performance of DES in a variety of vascular applications.
MediVas LLC is the leading developer of a new generation of protein-like polymeric biomaterials for drug and biological delivery. Its polymers are used for a wide range of medical applications from coating surgical implants to cell mediated immune response vaccines. MediVas polymers are made from essential amino acids which make them highly biocompatible. MediVas polymers are absorbed without inducing an inflammatory response, have excellent hemocompatibility and provide controlled drug release over sustained periods, making them ideally suited for drug delivery applications such as drug eluting stents.
Estracure is a biopharmaceutical company whose mission is to develop and commercialize novel and safe therapeutic products to improve the treatment and clinical outcomes of patients suffering from coronary heart disease, mainly restenosis and vulnerable plaque. Estracure, founded by cardiologist Jean-François Tanguay who acts as President and Chief Scientific Officer of the company, is a spin-off of the Montreal Heart Institute (MHI), an internationally recognized cardiovascular health care center affiliated with the University of Montréal.
"We are pleased to provide Estracure with our drug delivery technology," said Kenneth Carpenter. "Estracure has developed a novel therapeutic that holds great promise for a new generation of drug eluting stents. We look forward to working with them to ensure the success of this exciting new product."
Dr. Lussier commented, "Based on the many demonstrated pro-healing advantages of 17-?-Estradiol combined with the unique technology developed by MediVas, we anticipate reaching a ten percent market share in three to five years in combination with the right partner who has the ability to commercialize the DES we are developing."
About MediVas: Since its founding in 1998, MediVas has had one simple goal - to change the way that pharmaceuticals are delivered. From small molecule drugs to whole proteins, MediVas has developed a novel platform technology that provides solutions to meet each challenge. MediVas polymers are the first of a new generation of absorbable and biocompatible drug and biologic delivery platforms. MediVas is utilizing its novel polymer technology in collaboration with some of the world's largest pharmaceutical and medical device companies, as well as our own internal product development efforts. Using this platform technology, MediVas is currently focusing its development efforts on various therapeutic areas.
Safe Harbor Forward Looking Statements
This release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange A ct of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and my be forward looking statements based on estimates and involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
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