MIV Therapeutics Inc. (OTCBB: MIVT)

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We rarely bring you a newly-featured company without a full profile.  But in this case we felt the Breaking News on MIVT was so compelling that we wanted you to have it now - even as we continue our work on our initial profile on the company.  Please take a moment to review the NEWS below from MIV Therapeutics and put this company on your watchlist.  A full profile and much more news will be coming shortly.
 

Breaking *News* From MIVT

Press Release Source: MIV Therapeutics Inc.
Wednesday September 13, 4:01 pm ET

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 13, 2006--MIV Therapeutics (OTCBB:MIVT - News; FWB:MIV), a leading developer of next-generation biocompatible coatings and advanced drug delivery systems for cardiovascular stents and other implantable medical devices, announced that it has entered into a formal agreement to acquire, subject to the prior satisfaction of certain conditions, Vascore Medical (Suzhou) Co., Ltd., a China-based manufacturer of advanced cardiovascular stents and other medical devices.

The proposed Vascore acquisition represents a key strategic achievement for MIVT that is designed to significantly accelerate the Company's commercialization of better, safer products for the multibillion-dollar vascular stent market.

This proposed acquisition is expected to provide MIVT with extensive design, manufacturing and marketing capabilities. MIVT proposed purchase calls for the aggregate payment and issuance of $1 million and 4,000,000 restricted common shares, at a deemed issuance price of $1 per share, over a period of time and subject to release based on certain escrow milestones to be obtained in the next few months.

"By marrying our advanced next generation of biocompatible HAp stent coatings with Vascore's field-tested stent business and strong manufacturing operations, we believe we can accelerate our mission to make MIVT a force in the worldwide cardiovascular stent industry," said Dr. Mark Landy, President of MIV Therapeutics, "This acquisition gives us a significant presence in China, one of the worlds fastest growing cardiovascular stent markets. "

Vascore's Chinese headquarters and manufacturing operations are based in Suzhou, China. Vascore was founded in 2001 and has been distributing its cardiovascular stents and other biomedical products throughout China since 2002. The Company's Scientific Advisory Board is based in the U.S and is composed of a number of notable physicians and researchers including; Martin B Leon, MD, Henry R Halperin, MD, MA, Howard Levin, MD, Jie Wang, MD, PHD, Mehmet Oz,MD and Judah Weinberger, MD,PHD. Its R&D and Strategic Marketing arm is also located in the U.S., at the Columbia University Audubon Biomedical Science and Technology Park, New York City's largest biomedical and biotechnology Research Park.

"Vascore's stated mission is to provide the latest in Western medical technologies and service directly to Chinese physicians and patients, and this partnership with MIVT will enable us to maintain our leadership as a product and technology innovator," said James Liu, CEO of Vascore.

MIVT's HAp-based biocompatible coatings are designed to substantially improve the safety and long-term performance of vascular stents and other devices

About Vascore
Vascore's mission is to become the leader in Asia in developing and marketing advanced medical devices that extend life and restore the health of patients with heart disease. Vascore was founded in December 2001, by a group of scientists with American training and Interbridge Global Ltd. The original objective of the company was to address the unmet needs of the Chinese cardiology market. In February 2002, Vascore started production of its first product: coronary stents. In April 2002, Vascore obtained Chinese Government Certification as a medical device manufacturer. In September 2002, Vascore's coronary stent catheter was approved for sale by the Chinese State Drug Administration (SFDA). In March 2003, Vascore received the SFDA Approval of its AAA (aortic) Stent. In April 2004, Vascore started collaborations with Intermed Scientific, LLC in New York that made available a US-based, scientific, engineering and marketing team with experience in both China and the US to help increase the number and quality of products in the enterprise. For more information, visit http://www.vascore.com.

About MIV Therapeutics Inc.
MIV Therapeutics is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting applications on cardiovascular stents and 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. The Company's unique ultra-thin coating platform is derived from an organic material called hydroxyapatite (HAp) which has demonstrated excellent safety and biocompatibility in vivo animal studies. Hydroxyapatite is a bioactive 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 Hydroxyapatite could also provide an attractive alternative to current polymer-based drug eluting coatings on the stent market, which have been associated with undesirable medical 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. MIVT has a Collaborative Research Agreement (CRA) with the University of British Columbia and has received 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 (NRC-IRAP). Under this sponsorship, the Company is expected to complete its drug-eluting research and development program and to reach product commercialization stage. For more information, please visit http://www.trilogy-capital.com/tcp/mivt/website.html. To read or download MIV Therapeutics' Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/mivt/factsheet.html. To obtain daily and historical Company stock quote data, and recent Company news releases, visit http://www.trilogy-capital.com/tcp/html/mivt.htm. MIVT is traded on the Frankfurt, Germany, stock exchange under the symbol MIV.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release 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." 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 and including, without limitation, the potential for the unsuccessful closing by the Company of its Vascore acquisition, together with the raising of funding sufficient to continue with its operations and those contemplated by the Company as a consequence thereof, and the ability of the Company to raise sufficient funding and to continue to develop its various business interests as presently contemplated. See the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's recent Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

Contact:

MIV Therapeutics Inc.
Investor Relations, 604-301-9545, x14
Toll-free: 800-221-5108
Fax: 604-301-9546
E-mail: investor@mivtherapeutics.com
Web: http://www.mivtherapeutics.com/
or, for Product Inquiries and Business Opportunities:
Arc Rajtar, 604-301-9545, x22
arajtar@mivi.ca
or
Trilogy Capital Partners
Paul Karon, 800-592-6067
paul@trilogy-capital.com

Source: MIV Therapeutics Inc.

About MIV Therapeutics Inc.

MIV Therapeutics Inc. is an advanced stage, research and development company pursuing the commercialization of the next generation of fully biocompatible coatings for stents and other medical devices with the intent of providing healing solutions for cardiovascular disease and other conditions. In collaboration with the University of British Columbia (UBC), the Company has developed unique coating technologies that utilize Hydroxyapatite (HAp) for application on medical devices and drug delivery systems.

MIVT has a strategic alliance with the University of British Columbia (UBC), where it has licensed from the university worldwide rights to technologies for coating stents and other medical devices with HAp. This coating enhances the biocompatibility of implanted devices since it is a material that is found in the body as the main constituent of bone.

MIVT’s technology is considered to be suitable for broad applications in cardiovascular and non-vascular drug/device combination products.  The Company’s goal is to continue on its path of success and diversify its portfolio to capitalize on these potential applications, accessing the $200 billion market of combination drug/device products.

MIVT’s current product portfolio encompasses the following preclinical development projects:

    *      HAp-nano-film coating technology - The Company’s lead product in development is an HAp-coated coronary stent with a nano-film coating. HAp is naturally found in bone and tooth enamel and is rapidly integrated into the human body. As such, it may inhibit a variety of adverse and inflammatory reactions and potentially help reduce restenosis, a recurrence of CAD following angioplasty. It is also believed that HAp-coated cardiovascular stents will not trigger late adverse thrombogenic reactions.

    *      Drug-eluting stents - The Company is expected to enter the drug-eluting stent market by using a thicker coating of HAp loaded with a suitable drug, i.e. anti-inflammatory. The technology has applications in cardiovascular and non-cardiovascular drug/device combination products, including peripheral stents, biodegradable implants, gene therapy, and delivery systems for release of chemotherapeutic agents.

MIVT Technology

MIV Therapeutics is utilizing hydroxyapatite (HAp) films and composites in the developent 
of biocompatible coatings for stents and drug delivery systems.

HAp Nano-film Coating Technology
 

• The Company’s lead product in development is a passive, nano-film Hydroxyapatite (HAp) coating.  In parallel, the Company is developing a multi-layer nano-film coating with drug-eluting capabilities to facilitate therapeutics and treatments for localized drug delivery systems.

HAp is naturally found in bone and tooth enamel and is rapidly integrated into the human body.  Numerous results from clinical tests and surgical practice have shown that in addition to its demonstrated biocompatibility, this new generation of advanced biocompatible coatings is non-toxic and does not induce thrombogenicity, allergic or inflammatory reactions, therefore making it a potentially solid candidate as a coating for coronary stents and other implantable medical devices.

Drug-Eluting Stents

• Since patients receiving stents remain at risk for the aforementioned problems, doctors continue to explore more efficient and longer-lasting stenting solutions. One of the more effective methods involves employing stents that are covered with medicines that can be released once inside the body.  These are called drug-eluting stents.

 

MIVT appears to be in a solid position to enter the lucrative drug-eluting stent market using two product development approaches:

   1. Nano-film coating with sufficient capacity to carry adequate quantity of anti-inflammatory drugs, which can reduce post-procedural trauma; and

   2. Porous HAp coating, which is in an advanced development stage and can be loaded with considerable quantity of drugs, including anti-inflammatory, immune system depressants, or with the new generation of antithrombotic and/or antirestenotic drugs. 

This technology has applications in cardiovascular and non-cardiovascular drug/device combination products, including peripheral stents, biodegradable implants, gene therapy, and delivery systems for release of chemotherapeutic agents.

Drug-eluting stents countermeasure post-deployment inflammatory reactions and considerably reduce the incidence of restenosis to only approximately 8% from 25% with bare stents. Drug-eluting stents have become, after approximately one year on the market, the most widely used modality for coronary revascularization. This has resulted in a paradigm shift in clinical practice that has quickly become the standard of care, despite the fact that drug-eluting stents cost approximately $2,600—three to four times the price of a bare metal stent.

MIVT Market Opportunity

Market Opportunity

MIV Therapeutics’ passive HAp nano-film coating technology has been developed to offer an attractive alternative to the bare-metal stent and should provide significant benefit to those who cannot afford drug-eluting stents.  The passive HAp nano-film coating has the capacity to carry sufficient anti-inflammatory drugs, which can reduce post-procedural trauma.

The Company’s second product candidate, the multi-layer HAp stent coating, is being developed to treat cardiovascular disease with an emphasis on inhibiting restonosis as well as localized drug delivery to other diseased organs of the body.  The multi-layer, porous HAp coating can be loaded with considerable amounts of drugs including anti-inflammatory, immune system depressants or with anti-thrombotic and/or antirestenotic drugs.  The proprietary drug-eluting coating technology is natural in composition and has the potential to become the coating of choice for drug delivery systems on medical devices.

Coronary stenting is a key component of interventional cardiology.  This is a rapidly growing clinical specialty and one characterized by the ready adoption of new products. The coronary stent market recorded worldwide sales of USD$3 billion in 2003 and is estimated to show significant growth from the introduction of drug-eluting stents, with sales reaching USD$7 billion in 2007. 

Additionally, through the diversification of its product/technology portfolio, MIV Therapeutics hopes to also capitalize on new applications of its technology in order to access the USD$200 billion market of drug/device combination products.  The market for drug-eluting stents is one of the fastest growing segments within the medical device arena, with annual growth approaching 25%. 

MIVT Management Team

Management and Board of Directors

Dr Mark Landy - President

Dr. Landy is widely recognized for his financial acumen and proven accomplishments as a Wall Street equity analyst with diverse sell-side, buy-side and venture capital experience. He most recently distinguished himself as the Senior Research Analyst of Medical Supplies and Devices at Susquehanna Financial Group, where he was voted the firm’s top-ranked healthcare analyst by institutional clients in both 2004 and 2005.In addition, Dr. Landy is a familiar financial pundit in the financial media, who has made frequent appearances on CNBC, Reuters, Dow Jones, Bloomberg, and in The Wall Street Journal and Business Week, among other outlets. Among other highlights in Dr. Landy’s career, he was Director and Senior Research Analyst of Medical Devices at the Boston, MA-based healthcare boutique, Leerink Swann & Company. During his tenure at Leerink Swann the Firm’s Medical Supplies and Device Team achieve the #1 ranking in Institutional Investor Magazine’s “Best of the Boutiques: Medical Supplies and Devices” poll for both 2002 and 2003.Dr. Landy holds a degree in business from the Wharton School of Business at the University of Pennsylvania, and also holds the degree equivalent of Doctor of Dental Surgery from the University of the Witwatersrand, in Johannesburg, South Africa. He spent three years in London, U.K., in private practice focusing on posttraumatic facial reconstructive surgery. He has had articles published in both business and health care journals.

Alan P. Lindsay, Chief Executive Officer, and Director

Mr. Lindsay has been Chairman, President, Chief Executive Officer, and Director of MIVT since October 2001. He has experience in building and directing public companies for the past 15 years. >From 1991 to 2000, Mr. Lindsay was Chairman, President and Chief Executive Officer of a base metals exploration company that he co-founded and took public on the Toronto (TSX) and American Stock Exchange (AMEX). Mr. Lindsay was also Chairman of the Board of GeneMax Pharmaceuticals Inc., a company he co-founded in 1999. He was previously responsible for building a significant business and marketing organization in Vancouver, BC, for Manulife Financial, a major international financial services corporation. Mr. Lindsay has been responsible for the acquisition of the Company's technology, for financing, corporate development and the strategic vision of the Company.

Patrick A. McGowan, Executive Vice President, Chief Financial Officer, and Director

Mr. McGowan has extensive experience in senior management in both private and public companies. At MIVT, he oversees daily operations and manages corporate matters, which include regulatory filings, strategic planning, and negotiations with legal counsel, auditors, and financial institutions. Mr. McGowan has previous management experience with Flecto Company and McNeil Laboratories, a subsidiary of Johnson & Johnson, where he was a member of the team that introduced Tylenol, anesthetic and psychotropic drugs to the market. He is a frequent lecturer at the Canadian Management Association and a guest lecturer at international corporate conferences. Mr. McGowan holds a B.Sc. degree in finance and economics and an MBA degree.

Arc Rajtar, Vice President, Operations

Mr. Rajtar joined MIVI Technologies, Inc., the operating subsidiary of MIVT, in February 2002. He was previously President of Quexx International Ltd., a management consulting company that specializes in business development, research and development, process engineering, and quality management systems for the medical industry. Mr. Rajtar has held executive positions with Fiat, Toyota, Spectrum Signal Processing, and NetLogix IT, and is associated with a number of startup companies in the field of medical devices. He graduated from the Technical University of Gdansk, Poland with a master’s degree in mechanical engineering. Mr. Rajtar is an adjunct professor at the UBC, Faculty of Metals and Materials Engineering.

Tom Troczynski, Ph.D., PEng, Vice President, Coating Technologies

Dr. Troczynski jointed MIVT in February 2002 to assist in the development of its proprietary coating technology. His primary area of research is ceramics, in particular bioceramics, and he has focused on the development of biocompatible HAp coatings for metallic substrates, such as medical devices, implants, and stents. Dr. Troczynski is a professor of ceramics at the UBC in the Department of Materials Engineering. He obtained a Ph.D. in materials science and engineering from McMaster University in Hamilton, Ontario in 1987. He has authored many articles in professional journals and has filed a number of patents. Dr. Troczynski is a recognized authority in the field of ceramics and ceramic coatings and is a frequent lecturer at international symposia and scientific forums.

Dov V. Shimon, M.D., Director, Chief Medical Officer

Dr. Dov Shimon is the founder and has been Chief Executive Officer of SagaX Technologies for Medicine, Inc. since 2002. He is a renowned cardiac and thoracic surgeon. In 1977, he graduated with honors from Hadassah Hebrew University Medical School. From 1974-1994, Dr. Shimon trained as a surgeon and cardiothoracic surgeon at Hadassah University Hospital in Israel. From 1984 to 1986, he was the chief resident in cardiovascular surgery at the University of Toronto, Canada. In 1986, he was a heart transplantation fellow at the Medical College of Virginia. He was appointed senior cardiothoracic surgeon at Hadassah in 1987 and was tenured in 1989. He headed Israel’s transplant program from 1987 to 1992. In Israel, Dr. Shimon pioneered heart transplantation (1967), lung transplantation (1989), and heart-lung transplantation (1993). He has performed more than 8,000 open-heart operations and thousands of other thoracic operations. Dr. Shimon has more than 17 years of experience in animal and clinical testing of medical devices. He was previously a director of the Artificial Heart Institute in Salt Lake City, UT. He is currently a member of numerous medical and scientific societies, including Mensa International, and has authored many peer-reviewed publications. Dr. Shimon retired as Major from the Israel Defense Forces’ Medical Corp. reserves (Paratroopers Battalion), where he had been decorated in 1972. He gained wide experience and has served as a senior military surgeon during the war in Lebanon in 1982-1983 and multiple smaller scale battles. Dr. Shimon completed Senior Business Management studies at Tel Aviv University, School of Management in 1996. He has been working since 1999 with medical device companies in the design and implementation of their preclinical and clinical studies.

Daniel Savard, M.D., FRP, Director

Dr. Daniel Savard brings more than 20 years of clinical practice and clinical research in cardiology. Dr. Savard holds a doctorate degree in medicine from Faculty of Medicine of Montreal University (1971-1976) and a license of the Medical Council of Canada. He completed postdoctoral training in Internal Medicine and in Cardiology at Montreal University (1976-1980) and a fellowship in clinical and research echocardiography at Quebec Heart Institute of Laval University. He has been certified in Cardiology from the Corporation des Médecins du Québec and from the Royal College of Physicians and Surgeons of Canada. Dr. Savard is Professor of Medicine at University of Montreal and practicing at Centre Hospitalier Universitaire de Montreal, Notre-Dame Hospital in Montreal. His research interests are coronary heart disease, congestive heart failure, arterial hypertension, hyperlipidemia, angiogenesis therapy in coronary heart disease, circadian cycle, and ambulatory blood pressure monitoring. Dr. Savard is highly involved in clinical research. He participated in over 40 clinical trials or which several were international multicenter studies. He has been Principal Investigator, in his institution, for 25 of these studies. He has been member for several large pharmaceuticals clinical advisory boards for companies such as Pfizer Inc., Hoechst Marion Roussel, Biovail Corp., Crystaal Corp., and Aventis Pharma Inc. He is currently consultant for Biovail Corp. and for Medisys. Dr. Savard is Medical Assistant-Director of the Quebec Blue Cross (Canassistance inc.), Insurance Company and is member of the Board of Governors of Canassistance. He is member of the Société des Médecins-Experts du Québec, where he does expertise evaluation in Cardiology mainly for Insurance companies, as an expert in civil liability and recently for La Régie des Rentes du Québec. He is an active member of several associations such as: the Association des Cardiologues du Québec and the Association des Médecins Spécialistes du Québec. Dr. Savard has published more than 40 manuscripts from his research. 
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