April 23, 2008
Micrus Endovascular and Chemence Medical Products Sign Development Agreement for Liquid Embolic Products
Micrus Endovascular Corporation (Nasdaq:MEND) and privately held Chemence Medical Products, Inc. today announced the signing of an exclusive agreement to jointly develop liquid embolic products for neurovascular indications using Chemence's cyanoacrylate technology, development capabilities and intellectual property. Micrus Endovascular will be responsible for overseeing the regulatory and clinical process and will be the exclusive worldwide distributor for neurovascular products developed based on this collaborative agreement. Under the terms of the agreement, Micrus has made an upfront payment to Chemence and will make additional payments upon achieving certain development milestones.
"We see significant potential for a liquid embolic to be used either in conjunction with embolic coils or by itself for the treatment of aneurysms. The unique properties of Chemence's cyanoacrylate technologies may prove capable of providing complete occlusion and treatment of cerebral aneurysms within a matter of minutes," said John Kilcoyne, Micrus Chairman and CEO. "Chemence is a leader in specialty medical adhesives with an extensive track history of developing materials based on strong technology, clinical aptitude and a solid intellectual property position. We look forward to working with the Chemence team.""We are excited about working with Micrus to develop products that can be delivered endovascularly. Chemence's cyanoacrylate polymerizes on contact with blood while binding to the aneurysm wall. Further, the radiopacity, porosity and unique bio-absorbable properties of our cyanoacrylate should allow for enhanced visualization and healing," said Dr. James Quinn, Medical Consultant for Chemence. "This partnership with Micrus fits Chemence's corporate objective of developing specialty solutions based on our proprietary, cutting-edge technology. Additionally, we share a common culture of developing high-quality, innovative products."
About Chemence Medical Products, Inc.
Chemence has been an innovative pioneer in cyanoacrylate technology for medical use. Emphasis has been placed upon research and development to promote new and improved products with high performance and beneficial technology characteristics. Chemence products are protected by a portfolio of patents covering various aspects of cyanoacrylate technology for medical use, including sterilization, packaging, viscosity and bio-absorbable formulations. Chemence has become a world leader in medical cyanoacrylate devices and products and is committed to be at the forefront of technology in this field. Chemence Medical Products, Inc. is an FDA registered manufacturer and has several products with CE marking for sales in the European Union. The business is certified to ISO 13485:2003 and has instituted a quality system to meet the requirements of the countries it does business in. Chemence Medical Products manufactures a variety of medical products designed to improve the healthcare of people and animals throughout the world.
About Micrus Endovascular Corporation
Micrus develops, manufactures and markets implantable and disposable medical devices for use in the treatment of cerebral vascular diseases. Micrus products are used by interventional neuroradiologists, interventional neurologists and neurosurgeons to treat both cerebral aneurysms responsible for hemorrhagic stroke and intracranial atherosclerosis, which may lead to ischemic stroke. Hemorrhagic and ischemic stroke are both significant causes of death and disability 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 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.
Except for the historical information contained in this release, the matters discussed in this release are forward-looking statements that are predictions by the Company's management and are subject to various risks and uncertainties that may cause actual 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 Form 10-K filed on June 7, 2007 and other 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.