BETHEL, Conn., Nov. 7 /PRNewswire-FirstCall/ -- Memry Corporation (AMEX:MRY) announced today that it has secured the exclusive worldwide license to an innovative biocompatible coating technology with potential drug- eluting capabilities for use on Nitinol stents.
The technology was developed with Biomer Technology Ltd, a privately owned company specializing in the development and manufacturing of state-of-the-art polymers and coatings for medical devices. Under terms of the license, Memry Corporation will sponsor a pre-clinical evaluation using Biomer Technology's passive coatings on a self-expanding Nitinol stent platform.
Memry CEO Bob Belcher, said, "This license will allow us to strengthen our position as a leading Nitinol stent manufacturer by providing a coated platform for our stent customers. Following additional development work, we hope to be in a position to offer this technology to our customers worldwide. We do not anticipate any revenue impact from this program over the next year." Memry Vice President of Business Development Philippe Poncet said, "We spent a year testing Biomer Technology's coatings under very challenging test protocols, some of them specific and unique to self-expanding Nitinol stents. Following our joint R&D and collaboration program, the upcoming preclinical evaluation is a logical step to demonstrate the basic durability and safety of the coatings in an animal model, leading to the expansion of Memry's capabilities to supply both bare and alternatively coated products to our medical device and stent customers in the future. Currently, Nitinol stents are mainly used in the peripheral vasculature, and according to the American Heart Association, approximately 10 million Americans, many undiagnosed, are affected by peripheral arterial disease." Biomer Technology Managing Director Simon Dixon said, "This license agreement further strengthens our relationship with Memry Corporation and provides Biomer Technology with a strong commercial partner for the exploitation of this particular aspect of the technology. Biomer has recently completed preclinical studies for coronary applications using a coated stainless steel stent platform, and we are excited to be working with Memry to develop the next generation of coated Nitinol devices for the peripheral vasculature where clinical evidence suggests that there are still significant challenges to be met." About Biomer Technology Based in Runcorn, England, Biomer Technology is a biomaterials company that has developed a range of high-performance polyurethanes, process technologies, components and products for medical device manufacturing. The company's highly flexible medical grade polyurethane-based products have already been approved for use in humans. Biomer is developing a new generation of biocompatible surface coatings for medical device applications including drug delivery, tissue engineering and drug-eluting stents. Biomer has recently completed a preclinical study program for coronary stents as a pre-cursor to human trials. More information may be found at http://www.biomertechnology.co.uk/.
About Memry Corporation Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments. The company's commercial and industrial businesses produce semi-finished materials and components.
An investment profile about Memry may be found online at http://www.hawkassociates.com/mryprofile.aspx.
For more information, contact Memry Chief Financial Officer and Treasurer Richard F. Sowerby at (203) 739-1100, e-mail: , or Memry Vice President of Business Development Philippe Poncet at (203) 739-1100, e-mail: . For investor relations information, contact Frank Hawkins or Julie Marshall, Hawk Associates Inc., at (305) 451-1888, e-mail: . Detailed information about Memry Corporation can be found at http://www.memry.com/. Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com/.
This release contains certain forward-looking statements that involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission. DATASOURCE: Memry Corporation CONTACT: Richard F. Sowerby, , or Philippe Poncet, , both of Memry Corporation, +1-203-739-1100; or Investor Relations, Frank Hawkins or Julie Marshall of Hawk Associates Inc., +1-305-451-1888, or Web site: http://www.memry.com/ http://www.biomertechnology.co.uk/ http://www.hawkassociates.com/mryprofile.aspx http://www.hawkassociates.com/
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