January 28, 2009 – Under the terms of a newly penned seven-year agreement, LeMaitre Vascular has earned exclusive rights to market and sell certain sizes of Neovasc Inc.’s biological vascular strip for use in vascular surgery procedures in the U.S. and Europe.
The Neovasc biologic vascular strip is derived from bovine pericardial tissue, a biocompatible and versatile material that has been shown to have exceptional strength and handling characteristics, allowing surgeons the flexibility to implant with ease. This biocompatible material also has a 20-year safety record of use in cardiac indications. The strip is reportedly well-suited for use in carotid endarterectomy as well as other precision vascular applications.
Under the terms of the agreement, LeMaitre Vascular has the option to purchase the biologic vascular strip product technology from Neovasc after five years. LeMaitre Vascular's use of the technology after acquisition would be limited to the manufacture of strips for use in vascular procedures, and Neovasc would retain the rights to all other applications of its biological patch technology. Further details of the agreement were not disclosed.
For more information: www.neovasc.com, www.lemaitre.com