Micrus, Genesis in license, development deal

SAN JOSE & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Micrus Endovascular Corporation (Nasdaq:MEND) and privately held Genesis Medical Interventional, Inc. today announced that they have entered into an agreement granting Micrus the rights to Genesis’ F.A.S.T.™ Funnel Catheter™ and clot retrieval system for the treatment of ischemic stroke. The transaction includes an initial upfront payment, future development milestone payments and an undisclosed royalty on potential future products sales.
“Gaining access to this novel occlusion technology clearly expands our product offering and reach into the ischemic stroke market. Additionally, because of the F.A.S.T. Funnel Catheter’s proprietary design, we believe that it will also provide a platform to be used in combination with a number of devices for the treatment of ischemic stroke,” said John Kilcoyne, Micrus Chairman and CEO. “The F.A.S.T. Funnel Catheter system is designed to quickly and easily facilitate the endovascular removal of blood clots and other obstructions while potentially eliminating the limitations inherent in other clot retrieval devices.”
“We are committed to advancing healthcare by designing safe, easy-to-use products to treat occlusive vascular diseases and are pleased to partner with an outstanding company like Micrus to expand use of our system and further validate our endeavors,” said William R. Dubrul, Genesis Chief Executive Officer. “We believe our technology offers a superior and simple proximal occlusion solution that enhances patient safety and comfort. The F.A.S.T. Funnel Catheter has a proven track record in both peripheral and coronary clinical cases completed with excellent results.”

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