The collaboration agreement between iVascular and NaviGate Cardiac Structures (NCSI) has been formalised, meaning iVascular has acquired 10% of shares of NCSI for US$10 million dollars. With this purchase, a press release reports, iVascular becomes part of the Board of Directors of the American company.
The agreement between both companies related to the joint development of a new product: the tricuspid valve with percutaneous access. Clinical studies are currently underway in the USA and Europe to analyse the efficacy and safety of this valve, which the press release says is estimated to be ready for clinical application by 2020. Therefore, iVascular will have the exclusive rights for the distribution and commercialisation of NCSI’s products in Europe and Latin America.
Another shareholder of NCSI with 16% of the shares is the Cleveland Clinic of the USA. The NCSI valved-based technology was licensed from Cleveland Clinic and further modified and developed by NCSI.
Lluís Duocastella, CEO of iVascular, comments: “With this agreement iVascular and NCSI become technological partners and each us will contribute with our know-how to the development of valves for the treatment of pathologies of the coronary structural system. As iVascular we are very proud that Navigate has seen our business model and decided that iVascular should be their partner in this project. At the moment iVascular has consolidated in the market of devices for the coronary and peripheral system and soon we will bring our innovation to neurological devices. The agreement with NCSI will allow us to continue with our vertical integration model.”
