PR98341

GENEVA, Oct. 19, 2022 /PRNewswire=KYODO JBN/ --

    Swiss-based medical technology company MedAlliance has announced it has

entered into an agreement with Cordis for an acquisition which includes an

initial investment of $35M and upfront closing payment of $200M, regulatory

achievement milestones of up to $125M and commercial milestones of up to $775M

through 2029 for a total consideration of up to $1.135 Billion.

    Cordis is a worldwide leader in the development and manufacturing of

interventional cardiovascular and endovascular technologies.  MedAlliance's

innovative and revolutionary sustained sirolimus drug eluting balloon (DEB)

program, SELUTION SLR™ (Sustained Limus Release), provides a flagship product

family which complements Cordis' existing product portfolio, sales, marketing

and distribution expertise. Cordis customers will benefit from the extensive

clinical study program and publication plan that is being executed by

MedAlliance to further Cordis' heritage of bringing innovative products to

patients.    

    MedAlliance is headquartered in Nyon, Switzerland. It specializes in the

development of ground-breaking technology and commercialization of advanced

drug device combination products, initially for the treatment of coronary and

peripheral artery disease. SELUTION SLR, is a novel sirolimus-eluting balloon

platform technology.

    "We are very fortunate to find a partner like Cordis, with its strong

history of innovation. The company that introduced sirolimus drug eluting

stents (DES) in 1999 will be introducing the SELUTION SLR sustained limus

release sirolimus drug eluting balloons (DEB), avoiding permanent metal

implants and providing patients around the world with stent-less PCI,"

commented Jeffrey B. Jump, Chairman and CEO of MedAlliance.

    "Nearly twenty years ago, Cordis introduced CYPHER®, the first drug-eluting

stent, transforming cardiovascular treatment for patients around the world,"

said Shar Matin, Cordis CEO. "As a newly independent company, we are beyond

proud to further our legacy of innovation and market disruption with

MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon,

SELUTION SLR."

    "I am excited to report on the positive SELUTION SLR data to date, with

first-hand experience of the impressive clinical outcomes from patients treated

with SELUTION SLR in Japan, India, Europe, and South America. We are now

leading the effort to emulate these results in the United States. This

technology has the distinct opportunity to change the treatment paradigm for

patients suffering from cardiovascular and peripheral vascular disease,"

commented George Adams, Principal Investigator of the US SELUTION4SFA IDE

study, Director, Cardiovascular and Peripheral Vascular Research; Rex Hospital

Inc., Raleigh, North Carolina, United States.

    SELUTION SLR was awarded CE Mark Approval for the treatment of peripheral

artery disease in February 2020 and for the treatment of coronary artery

disease in May 2020. The US FDA has awarded SELUTION SLR with four breakthrough

designations: for the treatment of atherosclerotic lesions in native coronary

arteries; coronary in-stent restenosis; peripheral below-the-knee and

Arteriovenous Fistula in patients on hemodialysis. Coronary, BTK and SFA

indications have received FDA IDE approval and IDE clinical studies are

currently enrolling.

    More than 500 patients of the 3,326 planned have already been enrolled in

the ground-breaking coronary randomized controlled study comparing SELUTION SLR

with any limus drug-eluting stent (DES), powered to demonstrate superiority of

SELUTION SLR DEB over DES. SELUTION DeNovo is the largest DEB study ever

initiated and has the potential to change medical practice.

    SELUTION SLR's technology involves unique MicroReservoirs made from

biodegradable polymer intermixed with the anti-restenotic drug sirolimus. These

MicroReservoirs provide controlled and sustained release of the drug for up to

90 days. Extended release of sirolimus from stents has been proven highly

efficacious in both coronary and peripheral vasculatures. MedAlliance's

proprietary CAT™ (Cell Adherent Technology) enables the MicroReservoirs to be

coated onto balloons and adhere to the vessel lumen when delivered via an

angioplasty balloon.

    SELUTION SLR is available in Europe and all other countries where the CE

Mark is recognized.

    Media Contact:

    Richard Kenyon

    rkenyon@medalliance.com

    +44 7831 569940

    About Cordis

    Cordis is a worldwide leader in the development and manufacturing of

interventional cardiovascular technologies with a more than 60-year history of

pioneering breakthrough therapies to treat millions of patients. With a

reputation for clinical acumen, training, and service, Cordis has a legacy of

innovation in high-quality and minimally invasive cardiovascular products,

building a strong global footprint with operations in more than 70 countries

around the world.

    Photo: https://mma.prnewswire.com/media/1923959/MedAlliance_Image.jpg

    Logo: https://mma.prnewswire.com/media/1196864/MedAlliance_Logo.jpg

    Source: MedAlliance