February 1, 2008 - Medical Ventures Corp. signed an agreement to acquire two vascular product development companies, which the company expects will bring several new vascular therapies into its product pipeline and provide short and long-term revenue opportunities.
The two acquisitions are B-Balloon Ltd. and Neovasc Medical Ltd., both early-stage life sciences companies incubated by Israel-based Peregrine Ventures. Each company is focused on developing new technologies for the interventional treatment of heart and vascular diseases. Neovasc has developed a specialized stent for the treatment of refractory angina, and B-Balloon is developing devices used to treat ostial and bifurcation lesions in coronary and peripheral arteries.
Supporting the acquisition, both as a shareholder of the companies being acquired and as a financier for Medical Ventures concurrently with the acquisitions, is U.S. pharmaceutical entrepreneur Phillip Frost, M.D. Dr. Frost, chair of Peregrine Ventures' investment committee, is also CEO and chair of Opko Health, Inc. Dr. Frost also heads the Frost Group, a Miami, Florida-based private equity firm. The Frost Group, as lead investor, and other investors, are expected to invest an aggregate of $6 million in the related financing, for approximately ten per cent of Medical Ventures' common shares (post-acquisition).
For more information: www.medical-ventures.com