March 31, 2014 — Privately held Arterial Remodeling Technologies (ART) signed a structured buyout agreement with Terumo Corp. Under the agreement, ART and Terumo Corp. will collaborate in the development of a drug eluting bioresorbable scaffold or stent, intended for use in the treatment of coronary artery disease. ART Security Holders will retain full ownership of the ART bioresorbable scaffold technology for all other indications. Terumo Corp. will make staged R&D investments in ART, and ART has granted an exclusive option to Terumo Corp. to purchase ART at any time prior to the initiation of clinical trials.
ART’s advanced bioresorbable scaffold is designed to provide a transient effective scaffold that dismantles and relinquishes its primary mechanical scaffolding function after three months, which is commonly recognized by experts as the requisite length of time necessary to allow the healing process to stabilize the artery following trauma generated by angioplasty, and to avoid recoil and constrictive remodeling.
ART wishes to thank its investors: Bpifrance, Idinvest Partners, Turenne Capital Partners, Matignon Investissement & Gestion, Vesale Partners and Amundi Asset Management.
ART also wishes to thank three esteemed institutions for their invaluable support: the Cleveland Clinic; the French national research institute, CNRS, Montpellier, France; and Descartes University, Paris.
ART’s bioresborbable stent is not approved for investigational use or sale in the United States.