Medtronic (NYSE:MDT) has inked a deal with Ireland-based Q3 Medical Devices to distribute its Archimedes biodegradable biliary and pancreatic stent intended for use as an alternative to traditional plastic stents.
The Archimedes stent is made of a combination of dissolving materials that allows for different rates of degradation dependent upon patient need, Q3 said. The device currently has CE Mark approval in the European Union.
Fridley, Minn.-based Medtronic and Q3 inked a six-year, exclusive distribution deal for the Archimedes stent in the western European Union, the U.S. and Japan, the companies said.
The deal also includes rights to other regions, Q3 said, with plans to continue its expansion into South East Asia, Latin America, Eastern Europe and the Middle East.
“We are excited and fortunate to have partnered with a world leading medical device organization like Medtronic. Entering into this agreement is a major step toward our goal of becoming the world leading developer of biodegradable implants. The promise of Archimedes is based in its potential to eliminate the second removal procedure required for traditional plastic stents, which could reduce billions of expenses from the global healthcare system while improving patient care,” Q3 prez & CEO Eric Mangiardi said in a press release.