Colorado Therapeutics and Micro Interventional Devices Enter into a License Agreement for Use of the PolyCor™ Anchoring Technology
BROOMFIELD, Colo. – October 28, 2016 – Colorado Therapeutics LLC, a privately held medical device company with a proprietary technology platform for the production of innovative cross-linked tissue products, announced today that it has entered into a worldwide exclusive license agreement with Micro Interventional Devices, Inc. (MID), a leader in minimally invasive and catheter-based compliant fixation technology. Under this agreement, Colorado Therapeutics will gain rights to MID’s proprietary PolyCor™ compliant soft tissue anchoring technology, which provides an adjunct or alternative to standard suture. Colorado Therapeutics and Micro Interventional Devices will initially work together to design and develop a minimally invasive laparoscopic hernia anchoring device for securing Colorado Therapeutics’ recently FDA-cleared novel xenogenic biologic tissue matrix for hernia repair, and subsequently for venous valve implantation applications.
“Combining MID’s minimally invasive anchor technology with our novel xenogenic biologic tissue product will allow us to provide surgeons with a unique biologic tissue matrix that can be secured in a minimally invasive manner, potentially reducing procedural times and improving patient outcomes,” said Joseph B. Horn, Colorado Therapeutics’ president and CEO. “Moreover, this partnership exemplifies our vision to become a fully integrated commercial company, providing a suite of patient solutions to address a broad range of products including soft tissue reinforcement, regenerative, and vascular applications.”
“Partnering with Colorado Therapeutics expands the use of our PolyCor™ anchor technology to applications beyond our current focus in structural heart repair,” said Michael Whitman, Micro Interventional Devices’ president and CEO. “The combination of Colorado Therapeutics’ unique tissue matrix together with our proprietary PolyCor™ anchor technology will provide a durable and compliant minimally invasive solution for laparoscopic hernia repair.
Colorado Therapeutics received U.S. FDA 510(k) clearance for its novel xenogenic biologic tissue matrix in October 2016. Earlier in the year, MID received FDA clearance for the use of their PolyCor™ soft tissue anchors for transapical access and closure with their Permaseal™ device.
Financial details of the license agreement are not being disclosed.
About Hernia Repairs
A hernia occurs when an organ, intestine or fatty tissue is pushed through a hole or a weak spot in the surrounding muscle or connective tissue. More than one million hernia repairs are performed each year in the U.S. Hernias have a high rate of recurrence, and surgeons often use a biologic or synthetic tissue, or mesh, to strengthen the weakened or damaged tissue, and reduce the rate of recurrence.1
About Colorado Therapeutics
The Company’s proprietary platform produces extremely strong, durable, and biocompatible tissue from xenogenic sources using innovative cross-linked tissue processing technology. Resulting tissue products demonstrate superior benefits compared to currently available biologic or synthetic products. Colorado Therapeutics is developing products for multiple indications to target the $2.25 Billion U.S. soft tissue reinforcement and regeneration markets. Products in development include abdominal wall reconstruction, orthopedic, and other applications that can benefit from the company’s proprietary technology. Colorado Therapeutics’ novel xenogenic biologic tissue matrix received U.S. FDA 510(k) clearance in 2016 for implantation to reinforce soft tissue where weakness exists and for the surgical repair of damaged or ruptured soft tissue membranes.
Colorado Therapeutics corporate headquarters and pre-commercialization facilities are located in Broomfield, Colorado. For more information on Colorado Therapeutics technology and career opportunities, please visit the Colorado Therapeutics website at www.co-therapeutics.com.
About Micro Interventional Devices, Inc. (MID)
MID designs, develops and manufactures minimally invasive and catheter-based technologies that address unmet needs in cardiac surgery and interventional cardiology. MID’s proprietary PolyCor™ anchors form the basis of the technology platform that consists of ultra low mass, biocompatible implantable devices that are synergistic with natural cardiac function. For more information on MID’s proprietary PolyCor anchors and technology, please visit the Micro Interventional Devices website at www.microinterventional.com.
Corporate and Media Contacts:
Valerie Ray, Chief Operating Officer
Colorado Therapeutics LLC
Telephone: (303) 469-9459
vray@co-therapeutics.com
Aline Sherwood
Scienta Communications
Telephone: (312) 238-8957
asherwood@scientapr.com
Katherine Whitman, Product Director
Micro Interventional Devices, Inc.
Telephone: (215) 600-1270
info@microinterventinoal.com
Note for editors: the Colorado Therapeutics/MID PolyCor™ anchor technology for hernia repair or venous valve implantation has not been cleared by the FDA and is not currently available for commercial sale in any jurisdiction.
1U.S. Food and Drug Administration (Updated 11/16/2012). Hernia Surgical Mesh Implants.