MultiCell Technologies Inc. (OTC:MCET) acquired the rights to the Ideal BioStent resorbable coronary stent for an undisclosed amount.
The buyout, via Woonsocket, R.I.-based MultiCell’s Xenogenics Corp. subsidiary, also involves the exclusive, worldwide rights to patents covering the technology from Rutgers University.
MultiCell touts the stent as the only one combining two drugs aimed at reducing restenosis — salicylate, aspirin’s active ingredient, and sirolimus. The polymer stent is designed to dissolve completely over the course of a year, according to a press release.
The device made it through animal and proof-of-concept trials, according to MultiCell chairman and CEO Gerald Newmin.
“We saw a significant opportunity to build upon $20 million in invested capital,” Newmin said in prepared remarks.
MultiCell now owns nearly 92 percent of Xenogenics, after its financing of the Ideal buyout boosted its equity stake in the firm. Xenogenics is developing bioabsorbable stents for the heart and peripheral vasculature.