San Jose & Redwood City, CA - January 17, 2008
Privately held Genesis Medical Interventional, Inc. and Micrus Endovascular Corporation (Nasdaq:MEND) announced today that they have entered into an agreement granting Micrus the rights to Genesis' F.A.S.T. Funnel Catheter and clot retrieval system for the treatment of ischemic stroke. The transaction includes an initial upfront payment, future development milestone payments and an undisclosed royalty on potential future products sales.
"Gaining access to this novel occlusion technology clearly expands our product offering and reach into the ischemic stroke market. Additionally, because of the F.A.S.T. Funnel Catheter's proprietary design, we believe that it will also provide a platform to be used in combination with a number of devices for the treatment of ischemic stroke," said John Kilcoyne, Micrus Chairman and CEO. "The F.A.S.T. Funnel Catheter system is designed to quickly and easily facilitate the endovascular removal of blood clots and other obstructions while potentially eliminating the limitations inherent in other clot retrieval devices."
"We are committed to advancing healthcare by designing safe, easy-to-use products to treat occlusive vascular diseases and are pleased to partner with an outstanding company like Micrus to expand use of our system and further validate our endeavors," said William R. Dubrul, Genesis Chief Executive Officer. "We believe our technology offers a superior and simple proximal occlusion solution that enhances patient safety and comfort. The F.A.S.T. Funnel Catheter has a proven track record in both peripheral and coronary clinical cases completed with excellent results."
About the F.A.S.T Funnel Catheter System
The Genesis F.A.S.T. Funnel Catheter System is a line of innovative medical devices comprised of a funnel deployed at the distal end of the catheter through which a physician can deploy a proprietary clot retrieval system with an umbrella or parachute-like device. This novel design harnesses a patient's blood pressure to provide the sealing force for occlusion. Clots and other debris are removed and the device is then collapsed and removed from the patient.
About Genesis Medical Interventional, Inc.
Genesis Medical Interventional, Inc. is a privately held company developing products, based on its minimally invasive Funnel Catheter platform technologies for improved Proximal Occlusion Embolic Protection and Thrombectomy in the vascular system. The company believes its technologies will have applications in many major medical markets.
About Micrus Endovascular Corporation
Micrus develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases. Micrus products are used by interventional neuroradiologists and neurosurgeons primarily to treat cerebral aneurysms responsible for hemorrhagic stroke, a significant cause of death worldwide. The Micrus product line enables physicians to gain access to the brain in a minimally invasive manner through the vessels of the circulatory system. Micrus' proprietary, three-dimensional microcoils are unique in that they automatically deploy within the aneurysm, forming a scaffold that conforms to a wide diversity of aneurysm shapes and sizes. Micrus also sells accessory devices and products used in conjunction with its microcoils. For more information, visit www.micruscorp.com.
Micrus, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are predictions by the Company's management and are subject to various risks and uncertainties that may cause results to differ from management's current expectations. Such factors include the Company's dependence upon the continued growth in embolic coiling as a procedure to treat cerebral aneurysms, the Company's involvement in patent litigation with Boston Scientific Corporation, the Company's limited operating history and history of significant operating losses, fluctuations in quarterly operating results, which are difficult to predict, the Company's dependence on developing new products or product enhancements, challenges associated with complying with applicable state, federal and international regulations related to sales of medical devices and governing our relationships with physicians and other consultants, the Company's ability to obtain regulatory approvals and clearances and the timing of regulatory approvals and clearances for its products, product enhancements or future products, the Company's ability to compete with large, well-established medical device manufacturers with significant resources and other risks as detailed from time to time in the Company's final prospectus dated July 13, 2006 and reports and filings with the Securities and Exchange Commission under the Securities Exchange Act of 1934. All forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update forward-looking statements.
SOURCE: Micrus Endovascular Corporation
Genesis Medical Interventional, Inc.
William R. Dubrul, Chief Executive Officer
Micrus Endovascular Corporation
Robert Stern, President & COO
Lippert/Heilshorn & Associates, Inc.
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