RIAD Announces Collaboration with Medinol, Stent Technology Leader, To Develop AP23573 Drug-Delivery Stents
ARIAD is eligible to receive license fees and regulatory, clinical and commercial milestones of up to $39.25 million, if two products are developed, plus royalties on worldwide product sales. ARIAD will be responsible for supplying AP23573 to Medinol, and Medinol will be responsible for the development and commercialization of the medical devices delivering AP23573. ARIAD has retained the right to enter into two additional non-exclusive agreements to develop and commercialize AP23573 in drug-delivery devices for vascular disease. Additional terms were not disclosed.
"We are pleased to have one of the most innovative and successful medical device companies as our first partner to develop and commercialize drug-delivery stents incorporating AP23573 - our lead mTOR inhibitor which is in Phase 2 oncology clinical trials," said Harvey J. Berger, M.D., chairman and chief executive of ARIAD. "We believe that Medinol has the design and manufacturing capabilities to develop differentiated stent platforms and polymer formulations that will enable its next-generation stents to achieve substantial penetration in a market that is estimated to grow to over $6 billion by 2008."
Medinol is a leader in stent technology and the inventor, designer, and manufacturer of the NIR(R) line of stents, including the NIRFLEX(TM) stents. Understanding the need for simultaneous flexibility and support, Medinol created the NIRFLEX stents, which are currently available worldwide for coronary and peripheral use.
Under a 2002 agreement, Medinol and W.L. Gore & Associates, a leading advanced technology company, are collaborating to develop innovative stenting solutions that incorporate key features of their respective technologies (i.e., metal stents, polymer formulations, and advanced delivery systems). Medinol may now utilize ARIAD's drug, AP23573, with these combined technologies. Gore's unique technology in the polymer and biocompatible polymer areas should contribute to the design and development of the polymer layer used to control the release of the drug from the stent and to the optimization of the delivery system that will allow easy and safe use of the new system in all desired vascular sites. Medinol's stents are also marketed and distributed worldwide by Gore.