MIV Provides Update on Its Next-Generation, Ultra-Thin Protea Stent PlatformATLANTA--(BUSINESS WIRE)--Jul 16, 2008 - MIV Therapeutics, Inc. (OTCBB:MIVI) (Frankfurt:MIVN), a leading developer of next-generation coatings and advanced drug-delivery systems for cardiovascular stents and other implantable medical devices, today announced that its Protea(TM) ultra-thin cobalt-alloy bare metal stent has excelled in animal studies. The Protea is the Company's next generation bare metal stent with a strut thickness of 65 microns, a fixed geometry and uniform cell size for homogeneous delivery of drug to the local tissue, and a superior surface finish when compared to currently available cobalt alloy stents.
Animal results showed that the Protea is statistically superior to one of the best and most deliverable cobalt-alloy bare metal stents on the market today. At one month following deployment, quantitative coronary angiography (QCA) showed % diameter stenosis was significantly less for Protea (2+/-5% vs. 17+/-16%, p=0.032). By histomorphometry, intima thickness (0.11+/-0.05mm vs. 0.23+/-0.11mm, p=0.003) and % area stenosis (19+/-1% vs. 32+/-11%, respectively, p=0.004) were also significantly lower for Protea. The strut injury score was low and similar between the two groups. QCA % stenosis; intima thickness; and % area stenosis of overlapping Protea stents were 3+/-3%, 0.13+/-0.02mm, and 22+/-4%, respectively. Stable fibrocellular neointimal incorporation of all stents including overlapped Protea, with complete endothelialization and minimal inflammation, was seen at one month.
Mark Landy, president and chief executive officer of MIV Therapeutics said, "Our progress in making the Protea a stent platform for use as a bare metal stent and as a platform for drug-eluting stents has been rapid. We are already using the Protea as the bare metal stent platform for the VESTAsync drug eluting stent in the VESTASYNC II trial. In addition to a superior surface finish due to a proprietary finishing technique which we have developed and thinner struts, the surface area of the Protea was designed to be the same as that of the GenX(TM) which allows us to use the same dose and drug delivery system for both stents. We are optimistic that the Protea will prove to be an important part of the physician's armamentarium in the treatment of heart disease."
About MIV Therapeutics
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents, as well as for a broad range of other implantable medical devices. The Company's ultra-thin coating formulation is designed to protect surrounding tissue from potentially harmful interactions with bare metallic stents. This coating platform is derived from hydroxyapatite (HAp), an organic material that has demonstrated excellent in vivo safety and biocompatibility. Hydroxyapatite is a porous material that makes up the bone mineral and matrix of teeth, and is widely used today as a bone substitute material and for coatings on implantable fixation devices in orthopedic, dental and other applications. The Company's novel polymer-free drug-eluting technologies based on HAp could also provide an attractive alternative to current polymer-based drug-eluting coatings on the stent market, which have been associated with undesirable effects. The Company's drug-eluting coatings are additionally designed to suit a broad range of implantable medical devices that could benefit from highly customizable drug release profiles. MIV Therapeutics has a Collaborative Research Agreement with the University of British Columbia and has received a government grant for its research program on the "Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents," under the National Research Council-Industrial Research Assistance Program. Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization. MIV's intellectual property portfolio includes patents held by the University of British Columbia and exclusively licensed to MIV. Key patent applications filed simultaneously in various countries around the world further protect the commercial exclusivity of MIV's inventions in the global marketplace. For more information, please visit www.mivtherapeutics.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. All statements that discuss expectations and projections with respect to future matters including, without limitation, statements relating to the safety and efficacy of the Company's product and the ability of the Company's product to rejuvenate the stent market are forward-looking statements. Such statements are indicated by words or phrases such as "proposed," "expected," "believe," "will," "breakthrough," "significant," "indicated," "feel," "revolutionary," "should," "ideal," "extremely" and "excited." Such statements include but are not limited to that the split is part of a series of strategic moves to strengthen the Company's financial position for future growth and development. These statements are made under "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties including, without limitation, market acceptance of the Company's product, the ability of the Company to raise sufficient funding and to continue to develop its various business interests as presently contemplated, and other factors identified in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's annual report on Form 10-K for the year ended May 31, 2007 and Forms 10-Q. The Company expressly disclaims any obligation to update publicly or otherwise revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
For Investor Inquiries:
MIV Therapeutics, Inc.
Anthony L. Huston
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Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
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Posted: July 2008