Micrus Endovascular Corporation and Flexible Stenting Solutions to jointly develop flow diversion technology for neurovascular indications

Aug 24 2009

Micrus Endovascular Corporation (Nasdaq: MEND) and privately held Flexible Stenting Solutions Inc. of Eatontown, N.J., today announced the signing of an exclusive agreement to jointly develop a flow diversion technology for neurovascular indications using both Micrus and Flexible Stenting Solutions technology, development capabilities and intellectual property. Flow diversion is a relatively new approach for treating large and giant aneurysms which represent approximately 20%-25% of treated intracranial aneurysms. Unlike microcoils that are placed in the aneurysm, flow diverters are stent-like devices placed in the parent vessel. They serve to divert blood flow away from the aneurysm, thus facilitating healing.

Micrus will be responsible for overseeing the regulatory and clinical process and will manufacture neurovascular products developed based on this collaborative agreement. Under the terms of the agreement, Micrus has made an upfront payment to Flexible Stenting Solutions and will make additional payments upon achieving certain development and regulatory milestones. Micrus will also pay a royalty on net sales of products incorporating the Flexible Stenting Solutions platform.

The Flexible Stenting Solutions platform incorporates a proprietary third-generation self-expanding stent design. The potential benefits of this technology include:

• Accuracy in delivery;
• Porosity and flow diversion control based on a unique design pattern;
• Increased flexibility during delivery and post-placement vessel conformability;
• Allowing for post-placement coiling if necessary;
• Proprietary coating that is intended to reduce the potential for thrombogenicity and stenosis.

“We have been evaluating flow diversion technologies for some time as we believe these devices will provide an additional treatment option for interventionalists in the management of difficult-to-treat fusiform, large and giant aneurysms. We are pleased to be working with Janet Burpee and her team to develop a clinically adaptive flow diversion device based on Flexible Stenting Solutions’ proprietary laser cut, self-expanding flow diversion technology,” said John Kilcoyne, Chairman and CEO of Micrus Endovascular. “We expect that our jointly developed technology will be used to treat wide-neck and fusiform aneurysms, as well as other types of clinical situations that currently are not adequately treated with either surgical or endovascular techniques.”

Flexible Stenting Solutions CEO Janet Burpee said, “We are excited about working with Micrus to develop products that will provide a highly clinically adaptive device that by design enables interventionalists with a full range of treatment and post-delivery options. This partnership with Micrus fits our corporate objective of developing specialty solutions based on our proprietary, cutting-edge technology and allows us to extend our proprietary technology to the treatment of cranial aneurysms.”