Abbott Park, Illinois (ots-PRNewswire) - Abbott Laboratories
(NYSE: ABT) today announced that it has entered agreements with
MedNova, Limited, and Rubicon Medical, Inc. for products that
significantly expand Abbott's presence in the interventional
cardiology and radiology markets.
Abbott and MedNova, Limited, based in Galway, Ireland, have
entered a distribution agreement for MedNova's embolic filter and
carotid stent products. Embolic capture devices, such as filters,
are used to contain the fragments that break off vessel walls during
interventional procedures before the embolic material can cause harm
to critical organs. MedNova's first generation embolic filters,
NeuroShield(TM) and CardioShield(TM), are approved in Europe.
Carotid stents are used in peripheral vascular procedures treating
blockages in either of the two carotid arteries in the neck that
carry blood to the brain.
Abbott also has entered an exclusive, world-wide license agreement
with Rubicon Medical, Inc. headquartered in Salt Lake City, Utah, for
Rubicon's Guardian(TM) system, an occlusion balloon for embolization
protection. The Guardian system utilizes a balloon that is inflated
during a stent procedure in the vessels that feed blood to the heart,
brain, or kidneys and an aspiration catheter that is used to remove
embolic material dislodged during the procedure. The Guardian system,
in conjunction with the MedNova filters, will allow Abbott to offer
clinicians both embolic capture technologies. Rubicon and Perclose,
an Abbott subsidiary, are currently co-developing the Guardian
New advances in interventional medicine have created an unmet need
for devices that reduce the risk of embolic debris. This issue is
especially important for saphenous vein grafts, carotid artery
stenting and renal artery stenting where intravascular debris
dislodged during a procedure could possibly cause a stroke, heart
attack or damage to the kidneys. It is estimated that embolic capture
devices could be used as standard practice in carotid stenting
procedures, and in approximately 10-20 percent of coronary
procedures. This is a high-growth, developing market, and there are
not any devices currently on the market in the United States.
"The MedNova and Rubicon agreements bring additional leading
technology and innovative products to our vascular franchise," said
Richard A. Gonzalez, executive vice president, medical products,
Abbott Laboratories. "Through these partnerships and other recent
licensing deals, Abbott is expanding its opportunities in emerging
segments of vascular medicine by building on our foundation in
vascular therapeutics, vascular devices with Perclose, and our
existing relationships with interventional cardiologists and
In addition to the Mednova distribution agreement, Abbott has
taken an equity position in MedNova and has the option to acquire the
company provided certain milestones are met. Financial terms of the
agreements were not disclosed.
Abbott has recently signed several other agreements that expand
the company's vascular product line. Abbott has partnered with
Biocompatibles International plc. for the development of a unique
drug delivery stent and LuMend, Inc. for two peripheral catheters
used to facilitate the treatment of partly occluded blood vessels,
thereby minimizing the need for vascular bypass surgery. Abbott also
will be conducting a study to obtain a chronic total occlusion
indication for the catheters. Through Perclose, Abbott currently
offers a portfolio of vascular devices, including The Closer(R), The
Closer S(R), The Prostar(R) and The Techstar(R), minimally invasive
devices used to automate the surgical closure of vascular punctures.
MedNova, Limited is a development-stage medical device company.
The company, based in Galway, Ireland, is engaged in the development
of less invasive products for the treatment of cardiovascular and
cerebral vascular disease. The company is at the forefront in the
development of intravascular filtration systems designed specifically
to improve the results of interventional procedures.
Rubicon Medical, Inc. is a Salt Lake City, Utah, based developer
and manufacturer of medical devices and products that are used
worldwide. The company is in the business of contract manufacturing,
equipment manufacturing, and technology development and licensing.
Through its Technology Development and Licensing division, Rubicon
designs and develops new medical device technologies for use in the
rapidly growing interventional radiology, neuro- interventional
radiology, and interventional cardiology markets.
Abbott's expanding vascular medicine franchise includes both
medical devices and therapeutics. Abbott's involvement in
interventional vascular medical devices includes vessel closure,
embolic capture, stents and vascular catheter technologies. For each
of these growing vascular markets, a strong product pipeline is being
assembled to build and develop a growth business in the multibillion
dollar acute care vascular market.
Abbott Laboratories is a global, diversified health care company
devoted to the discovery, development, manufacture and marketing of
pharmaceutical, diagnostic, nutritional and hospital products. The
company employs 60,000 people and markets its products in more than
130 countries. In 2000, the company's sales and net earnings were
$13.7 billion and $2.8 billion, respectively, with diluted earnings
per share of $1.78.
Abbott's news releases and other information are available on the
company's Web site at http://www.abbott.com.
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