GENEVA, Oct. 19, 2022 /PRNewswire/ -- Swiss medical technology company MedAlliance has announced that it has reached an agreement with Cordis for an acquisition that includes an initial investment of $35 million and an upfront closing payment of $200 million, regulatory compliance milestones of up to $125 million, and commercial milestones of up to $775 million through 2029 for total consideration of up to $1,135 million.
Cordis is a world leader in the development and manufacture 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 family of flagship products that complement Cordis' existing product portfolio as well as its sales expertise , marketing and distribution. Cordis customers will benefit from the extensive clinical study program and publication plan that MedAlliance is executing to further the Cordis heritage of bringing innovative products to patients.
MedAlliance is based in Nyon, Switzerland. It specializes in the development of innovative technology and the commercialization of advanced drug and 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 track record of innovation. The company that introduced sirolimus drug-eluting stents (DES) in 1999 will introduce limus sustained-release sirolimus drug-eluting balloons (DEBs). SELUTION SLR, avoiding permanent metal implants and providing patients around the world with stent-free PCI," said Jeffrey B. Jump, President and CEO of MedAlliance.
"Nearly twenty years ago, Cordis introduced CYPHER ® , the first drug-eluting stent, transforming cardiovascular care for patients around the world," said Shar Matin, CEO of Cordis. "As a newly independent company, we are beyond proud to continue our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir drug-eluting balloon, SELUTION SLR."
"I am pleased to report the positive data from SELUTION SLR to date, with first-hand experience of the impressive clinical results of patients treated with SELUTION SLR in Japan, India, Europe and South America. We are now leading the effort to emulate these results." This technology has a clear opportunity to change the paradigm of treatment for patients with cardiovascular and peripheral vascular disease," said George Adams, principal investigator of the US SELUTION4SFA IDE study, Director of Cardiovascular and Peripheral Vascular Research; Rex Hospital Inc., Raleigh, North Carolina (United States).
SELUTION SLR received CE Mark approval for the treatment of peripheral arterial disease in February 2020 and for the treatment of coronary artery disease in May 2020. The US FDA has granted SELUTION SLR 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 hemodialysis patients. Coronary indications, BTK and SFA have received IDE approval from the FDA and IDE clinical studies are currently underway.
More than 500 of the planned 3,326 patients have already been enrolled in the groundbreaking randomized controlled coronary study comparing SELUTION SLR to any limus drug-eluting stent (DES) to demonstrate the superiority of SELUTION SLR DEB over DES. SELUTION DeNovo is the largest DEB study ever undertaken and has the potential to change medical practice.
SELUTION SLR technology consists of unique MicroReservoirs made from a biodegradable polymer intermixed with the antirestenotic drug sirolimus. These microreservoirs provide controlled and sustained drug release for up to 90 days. Extended release of sirolimus from stents has been shown to be highly effective in both the coronary and peripheral vasculature. MedAlliance's proprietary Cell Adherent Technology (CAT™) allows 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 recognised.
Media Contact: Richard Kenyonrkenyon@medalliance.com 44 7831 569940
About the Heart
Cordis is a world leader in the development and manufacture of interventional cardiovascular technologies with a more than 60-year history of pioneering innovative therapies to treat millions of patients. With a reputation for clinical acumen, training and service, Cordis has a legacy of innovation in high-quality, minimally invasive cardiovascular products, building a strong global footprint with operations in more than 70 countries around the world.
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