Cardio3 BioSciences acquires CorQuest Medical Inc.
Mont-Saint-Guibert, Belgium - Cardio3 BioSciences (C3BS) (Euronext Brussels and Paris: CARD), a leader in the discovery and development of regenerative, protective and reconstructive therapies, announces today that it has acquired U.S.-based CorQuest Medical Inc. CorQuest Medical specializes in the development of innovative devices and technologies for cardiac surgery.
When CE-marked, the insertion of the heart access sheath into a patient’s left atrium will allow the deployment of catheters or other necessary instruments for use in the treatment of various indications such as mitral valve defects. As such, the market potential could be very significant as this new open access route could be used in many existing medical device applications.
Currently in the advanced pre-clinical development phase, Cardio3 BioSciences intends to progress the device through the appropriate clinical and regulatory approval processes, with the aim of obtaining CE mark approval by the end of 2016, which would allow commercialisation in Europe. The first indication to be targeted with the CorQuest technology is expected to be the repair or replacement of the mitral valve.
The CorQuest technology platform is fully complementary with Cardio3 BioSciences’ C-Cathez® and C-Cure® programs. The C-Cathez® catheter could be passed through CorQuest’s sheath to deliver C-Cure® into the myocardium when the traditional route via the aorta may lead to complications for the patient.
The acquisition of CorQuest and the development of these technologies will not significantly affect the Company’s burn rate over the two coming years. However, the acquisition of an extra medical device with a potential to market by 2016, as well as other therapeutic applications, will enable the Company to create multiple short term value creation milestones for its shareholders.
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