The deal includes both the FDA 510(k) cleared Hanarostent biliary and Hanarostent esophagus stents, Tokyo-based Olympus said, and marks the first of multiple self-expanding metal stents the company will include in its EndoTherapy portfolio.
“We are confident in the hundreds of stents and other products in our portfolio that are already providing quality of life benefits to patients all over the world. Olympus is an ideal partner for us because of its trusted brand in the U.S. medical space. The company’s expertise and insight with strategic introductions of devices will be invaluable. We look forward to a mutually beneficial relationship,” M.I.Tech CEO Jin-Hyung Park said in a prepared statement.
Both the biliary and esophageal stents feature a unique wire structure with a hook-cross nitinol design to allow for optimal radial and axial force for controlled expansion, flared-ends to prevent migration, radiopaque gold markers for improved placement and improved recapturability.
The Hanarostent biliary comes in 13 different sizes, while the Hanarostent esophagus comes in 8 different sizes, Olympus said.
The company said it will market the stents through its existing US distribution networks in GI, and that it and M.I. Tech will cooperate to identify paths to regulatory approval and commercialization for other M.I. Tech products.
“Many patients who benefit from the Hanarostent are faced with end-stage diagnoses. Palliation of strictures through the Hanarostent can help improve their quality of life. Olympus is pleased to bring these unparalleled stents, used globally, to physicians and patients in the U.S.,” Olympus endoscopy division group VP Kurt Heine said in a press release.
Earlier this month, Olympus said it inked a co-development deal with artificial intelligence joint venture Ai4gi which will give Olympus exclusive rights to offer Ai4gi’s AI solution designed for clinical decision support during colonoscopy screening and surveillance procedures.