Endologix Enters Development Agreement and Exclusive License for Balloon Expandable Stent Technology
IRVINE, Calif., Aug 16, 2010 /PRNewswire via COMTEX News Network/ -- Endologix, Inc. (Nasdaq: ELGX), developer of minimally invasive treatments for aortic disorders, announced today that it has entered into a development agreement and exclusive license with Evasc Medical Systems Corp., for its balloon expandable stent technology. Evasc is a medical device development company located in Vancouver, B.C. The patented stent is made from cobalt chromium and is pre-mounted on an angioplasty balloon catheter for ease-of-use.
Endologix plans to cover the balloon expandable stent with its proprietary ePTFE graft material and utilize it in conjunction with the Company's fenestrated stent graft device, which is currently in pre-clinical development. The fenestrated stent graft will be a new aortic extension designed to be used with Endologix's Powerlink(R) main body bifurcated stent grafts. It is designed to provide an off-the-shelf, endovascular treatment option for short neck and juxtarenal abdominal aortic aneurysms (AAA), which require the graft to extend above the renal arteries in order to achieve proper fixation and sealing. The balloon expandable stent graft will be used to branch the fenestrated stent graft into the renal arteries, allowing normal blood flow to the kidneys.
John McDermott, President and Chief Executive Officer of Endologix, said, "This patented balloon expandable stent technology is an important addition to our product portfolio. It will be integrated into our fenestrated stent graft device, which will expand the endovascular AAA market to include short aortic necks and aneurysms that extend up above the renal arteries. Approximately 15% of diagnosed AAA patients have these conditions and the vast majority require open surgical repair due to the lack of fenestrated stent grafts in the market. The balloon expandable stent technology will also be developed into stand alone products, creating additional growth opportunities for Endologix in the future."
Ian McDougall, CEO of Evasc stated, "We are extremely pleased to have entered into this license and development agreement with Endologix. Endologix has a respected reputation in the endovascular market and will be a strong ally for bringing this balloon expandable stent graft to market and achieving market penetration. Most important, we are eager to give patients with juxtarenal AAA a new treatment option with this combined product."
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's flagship product is the Powerlink(R) System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix's Web site at www.endologix.com.
About Evasc Medical Systems Corp.
Evasc is an innovation company focused on creating novel products in the rapidly advancing field of endovascular medicine. Evasc is owned by interventional physicians who bring invaluable insight to product deficiencies, market needs and device design, facilitating Evasc's mission to bridge early-stage intellectual property from concept to market adoption. Our business model is to commercialize innovative medical devices through strategic business relationships and to provide contract services to customers in the endovascular sector. Evasc has core strengths in the design, development, testing, and production of endovascular implants and their related delivery systems. To find out more about Evasc, please visit our website at www.evasc.com .
Except for historical information contained herein, this news release contains forward-looking statements, including the planned expansion of Endologix's product portfolio, the accuracy of which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix. Many factors may cause actual results to differ materially from anticipated results, including the approval and success of sales efforts for new products, product research and development efforts, and other economic, business, competitive and regulatory factors. The Company undertakes no obligation to update its forward looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and the Company's other filings with the Securities and Exchange Commission, for more detailed information regarding these risks and other factors that may cause actual results to differ materially from those expressed or implied.
COMPANY CONTACT: INVESTOR CONTACTS: ---------------- ------------------ Endologix, Inc. The Ruth Group John McDermott, CEO Nick Laudico (646) 536-7030 (949) 595-7200 Zack Kubow (646) 536-7020 www.endologix.com
SOURCE Endologix, Inc.
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