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MIVT Receives Prestigious Frost & Sullivan 2005 Award for Technology Innovation in Field of Medical Coatings

Published on 2005-08-26. Author : SpecialChem

VANCOUVER, British Columbia -- MIV Therapeutics, Inc. (OTCBB:MIVT - News), a developer of next-generation biocompatible passive and drug-eluting stent coatings and drug delivery technologies for the treatment of cardiovascular disease, has been recognized by Frost & Sullivan with the 2005 Technology Innovation Award, in recognition of the Company's achievements and pioneering work to develop proprietary biocompatible coatings technology to make better, safer vascular stents, medical devices and drug delivery systems.

Frost & Sullivan, a widely respected global independent research and growth consulting firm, presents the annual Technology Innovation Award to recognize the quality and depth of a company's research and development program, as well as the vision that enabled it to undertake such an endeavor. Frost & Sullivan's Technology Innovation Award is bestowed upon a company or individual that has carried out new research that has resulted in innovation(s) that have or are expected to bring significant contributions to the industry in terms of adoption, change, and competitive posture. The selection process includes primary participant interviews and extensive primary and secondary research.

"MIV Therapeutics has utilized an entirely new approach for medical coatings vis-a-vis the classic polymer-plus-drug coatings," the Frost & Sullivan award announcement notes. "MIVT's Hydroxyapatite (HAp) coatings are entirely biocompatible and promote tissue healing while demonstrating the optimal growth of endothelium. It is in acknowledgement of the company's development of such breakthrough advanced biocompatible medical coatings for stents and other medical devices that it has been recognized with Frost & Sullivan's prestigious Award for Technology Innovation."

Frost & Sullivan's 115-page comprehensive research service entitled, "Advances in Coatings Technology for Medical Devices and Drug Delivery" contains an extensive analysis of MIVT's technology and development initiatives.

Frost & Sullivan's Technical Insights Group discussed the development of MIV Therapeutics' pioneering, completely biocompatible Hydroxyapatite (HAp) technology for medical coatings, and its potential to improve stents and other implantable devices, as well as advanced drug delivery systems. The research service reviews current medical device coatings technologies, innovations, and market trends.

MIV Therapeutics is developing and pursuing the commercialization of safe and fully biocompatible coatings for stents and other medical devices with the intent of providing improved solutions for the treatment of cardiovascular disease and other conditions. In collaboration with the University of British Columbia, MIVT is focused on developing a proprietary ultra-thin coating formulation to protect surrounding tissue from chemical interaction with bare-metal stents, an interaction which typically causes aggressive response of the immune system resulting in elevated restenosis, or renarrowing of arteries, and a risk of thrombus in the stented artery. MIVT's innovative coatings are based upon a natural material, Hydroxyapatite, a component of hard tissue found in certain parts of the human body, such as bone, which enables the surface of metallic stents to virtually mimic the natural state of structurally-sound 100% biocompatible and bio-active tissue.

"The Frost & Sullivan Technology Innovation Award is the latest validation of our innovative development of our next-generation Hydroxyapatite coatings for stents and other implantable medical devices," said Alan Lindsay, CEO of MIVT. "It's particularly rewarding that an organization of Frost & Sullivan's caliber and reputation singled out MIVT as a leader in the large and important medical coatings sector. This award provides yet another indication of the potential of our advanced coating solutions to provide significant impact on multimillion-dollar biomedical market sectors. We are certainly proud of this recognition and believe that our technology will continue to set benchmarks for the next-generation bio-friendly coatings in numerous cardiovascular and other medical device segments worldwide."

Unlike stent and drug-eluting coatings currently in use, MIVT's HAp coatings are designed to inhibit adverse reactions of the body immune system. Exceptional biocompatibility and safety of HAp coatings are believed to be the key attributes that may potentially help to reduce restenosis, or re-blocking of the arteries following angioplasty. In particular, MIVT's coatings are designed to reduce risks of thrombogenic (blood clotting) events attributable in some instances to polymer-coated stents. MIVT has successfully completed a comprehensive range of biocompatibility and histopathology tests on its product and recently completed, with very encouraging results, a 3-month phase of porcine animal trials that confirmed exceptional safety and biocompatibility of HAp coatings in coronary arteries. Human clinical trials are expected to commence soon. MIVT believes its technology also has potential for an array of additional medical applications, including dental, hip and bone repair implants.

About Frost & Sullivan

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.

About MIV Therapeutics, Inc.

MIV Therapeutics Inc. is developing a next-generation line of advanced biocompatible coatings for passive and drug-eluting application on cardiovascular stents and for application on other implantable medical devices. The Company's ultra-thin coating formulation is designed primarily to protect surrounding tissue from the chemical interaction with metal stents. The Company's unique ultra-thin coating has been derived from a biocompatible material called hydroxyapatite (HAp) that during in-vivo animal trials demonstrated excellent safety and superior healing properties pursued by the science in the field of advanced implantable drug delivery systems. Hydroxyapatite is a bioactive porous material that makes up the bone mineral and matrix of teeth. It is widely used as a bone substitute material and for coating implantable fixation devices in orthopedic, dental and other applications. The Company's novel drug eluting technologies based on Hydroxyapatite provide attractive alternative solution to polymer-based drug eluting coatings currently in the stent market. The Company's drug eluting coating is designed to suit a broad range of implantable medical devices which may benefit from a highly customizable drug release profile. MIVT reached a Collaborative Research Agreement (CRA) with the University of British Columbia and supported a research and development grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) in 2002 for the development of Hydroxyapatite as a drug eluting coating. In December 2004 MIVT received a Government grant for the research program titled "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 will progress to the development stage, which is expected to finalize the drug-eluting research and development Program.

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 "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. 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.

Source: MIV Therapeutics Inc.

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