PARIS--(BUSINESS WIRE)--Privately held Arterial Remodeling Technologies (‘ART’) announced today that it has signed a structured buyout agreement with Terumo Corporation. Under the agreement, ART and Terumo Corporation will collaborate in the development of a drug eluting bioresorbable scaffold or stent, intended for use in the treatment of coronary artery disease. ART Security Holders will retain full ownership of the ART bioresorbable scaffold technology for all other indications. Terumo Corporation will make staged R&D investments in ART and ART has granted an exclusive option to Terumo Corporation to purchase ART at any time prior to the initiation of clinical trials.
ART’s advanced bioresorbable scaffold is designed to provide a transient effective scaffold that dismantles and relinquishes its primary mechanical scaffolding function after three months, which is commonly recognized by experts as the requisite length of time necessary to allow the healing process to stabilize the artery following trauma generated by angioplasty, and to avoid recoil and constrictive remodeling.
“We are proud of consummating an agreement with Terumo Corporation, one of the leading medical technology companies in the world,” said Machiel van der Leest, CEO, and a Director of ART. “Terumo Corporation understands the value of our bioresorbable scaffold. The scaffold is designed to perform as effectively as a conventional metallic stent, but with the significant advantage of relinquishing its scaffolding function when the stent is no longer necessary to maintain the vessel.”
“We are, of course, extremely pleased with this agreement,” said Eric Viaud, Chairman of the Board of ART. “It validates the vision the board shared with the late Beatrice Denys, who was a partner at SEFTI investments. Beatrice identified early on the unique idea of co-founders Pr. Antoine Lafont and Pr. Michel Vert.”
ART wishes to thank its investors: Bpifrance (www.bpifrance.fr), Idinvest Partners (www.idinvest.com), Turenne Capital Partners (www.turennecapital.com), Matignon Investissement & Gestion (www.matinvest.com), Vesale Partners and Amundi Asset Management (www.amundi.com).
ART also wishes to thank three esteemed institutions for their invaluable support: the Cleveland Clinic; the French national research institute, CNRS, Montpellier, France; and, Descartes University, Paris.
About Arterial Remodeling Technologies (“ART”)
Arterial Remodeling Technologies (“ART”) is developing bioresorbable polymer stents that promote the natural remodeling of an injured artery after angioplasty. The Company’s technology is based on intellectual property originating from three esteemed institutions: the Cleveland Clinic; the French national research institute, CNRS (Centre National de Recherche Scientifique), Montpellier, France; and, Descartes University, Paris.
CAUTION: ART’s bioresborbable stent is not approved for investigational use or sale in the U.S.
