— First product will be an aortic valvuloplasty balloon based on Java, a novel technology platform developed in Israel
— Acquisition of Java technology, a strong fit with QT Vascular’s core expertise in minimally invasive angioplasty, will allow Group to capitalize on new market opportunities
— Aligned with QT Vascular’s growth strategy of advancing pipeline products via both organic (in-house) and inorganic (licensing and acquisition) efforts
SINGAPORE, Oct. 24, 2014 /PRNewswire/ — Catalist-listed QT Vascular Ltd. ("QT Vascular" or together with its subsidiaries, "the Group"), a developer and manufacturer of minimally invasive medical devices for the treatment of vascular diseases, is pleased to announce that the Group has acquired a novel technology platform called Java, and all associated intellectual property, which was developed independently in Israel.
Our first product in the Java product line is an aortic valvuloplasty balloon for use as a pre-dilatation device prior to a TAVR (Transcatheter Valve Replacement) procedure or a stand-alone treatment in select patients where TAVR is not appropriate. It is designed to be a highly deliverable, puncture resistant device that has proprietary tines which aid in stability and reduce the need for peri-procedural cardiac pacing. Minimally invasive angioplasty is the core expertise of QT Vascular today, and the Java aortic valvuloplasty balloon is a natural extension of the Group’s technology offering to a new therapeutic indication.
Dr. Eitan Konstantino, the Group’s Chief Executive Officer, commented, "The acquisition of the Java technology will open new market opportunities for us and is consistent with our corporate strategy of maintaining a strong pipeline of high value and differentiated products. With the advent of TAVR, there is now a resurgence of interest in valvuloplasty as a means of optimizing the outcomes in these very expensive procedures. We believe Java’s revolutionary design will allow it to play a unique role as the number of TAVR procedures continues to grow."
The acquisition of this novel technology platform is in line with QT Vascular’s efforts to grow its new product pipeline in recent months. The acquisition of this technology is not expected to have a material financial impact on the Group’s earnings per share and net tangible assets per share for the current financial year ending 31 December 2014.On 15 September 2014, QT Vascular announced that it has enrolled the first European patient in the ENDURE Trial in Germany. Patients’ enrollment in Germany and New Zealand is progressing rapidly and is consistent with the group’s expectations. The Group previously announced on 24 July 2014, that it has applied for CE marking approval with respect to the Chocolate® Touch, its advanced drug coated peripheral balloon. On 5 June 2014, QT Vascular also disclosed that its wholly owned US subsidiary, TriReme Medical LLC, received notification from the United States Food and Drug Administration (FDA) of 510(K) clearance to market the Chocolate® Percutaneous Transluminal
Coronary Angioplasty Balloon Catheter ("Chocolate PTCA") in the United States, for the treatment of blocked arteries for coronary vascular diseases.
About Aortic Valvular Disease
Aortic valvular stenosis is a narrowing in the heart’s aortic valve. It is sometimes caused by the build-up of calcium on the valve’s leaflets. Over time, the leaflets become stiff, thus reducing their ability to open and close. When the leaflets don’t fully open, the heart must work harder to push blood through the aortic valve and into the rest of the body. Eventually, as a result, the heart gets weaker which can increase the risk of heart failure. In such cases, patients may need dilatation of the aortic valve (valvuloplasty) or an aortic valve replacement that can be performed surgically or through a minimally invasive catheter-based procedure known as TAVR. Aortic valvular stenosis is present in 1 in 8 people over 75 years old(1).
About QT Vascular Ltd.
QT Vascular Ltd. (QT Vascular) is an emerging leader in the development and commercialization of next generation minimally invasive products for the treatment of complex vascular disease. The Company works closely with leading physicians and scientists from around the world to create differentiated devices that improve procedural and clinical outcomes. QT Vascular is based in Singapore with a US subsidiary, TriReme Medical LLC, in Pleasanton, California. The Company was listed on the Catalist Board of the Singapore Exchange Securities Trading Limited on 29 April 2014.
For more information, please refer to: http://www.qtvascular.com/
(1) Nkomo VT, Gardin JM, Skelton TN, et al. Burden of valvular heart diseases: a population-based study. Lancet 2006;368:1005-11.
Cautionary Note on Forward-Looking Statements
All statements other than statements of historical facts included in this announcement are or may be forward-looking statements. Forward-looking statements include but are not limited to those using words such as "expect", "anticipate", "believe", "estimate", "intend", "project", "plan", "strategy", "forecast" and similar expressions or future or conditional verbs such as "if", "will", "would", "should", "could", "may" and "might". These statements reflect the Company’s current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially from those described in such forward-looking statements. Shareholders should not place undue reliance on such forward-looking statements, and the Company undertakes any obligation to update publicly or revise any forward-looking statements, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any other regulatory or supervisory body or agency.
The Company was listed on Catalist board of the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 29 April 2014. The initial public offering of the Company was sponsored by PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor").
This press release has been prepared by the Company and its contents have been reviewed by the Sponsor for compliance with the relevant rules of the SGX-ST. The Sponsor has not independently verified the contents of this press release.
This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release including the correctness of any of the statements or opinions made or reports contained in this press release.