Arterial Remodeling Technologies said it inked a deal with Terumo Corp. (TYO:4543) for its bioresorbable drug-eluting coronary stent that includes an exclusive buyout option.
The deal between Terumo and Paris-based Arterial Remodeling calls for the Japanese company to make a series of R&D investments in the coronary stent technology, according to a press release. ART said it will hold on to its bioresorbable scaffold technology for possible use in other indications.
Financial terms of the deal were not disclosed.
"ART has granted an exclusive option to Terumo Corporation to purchase ART at any time prior to the initiation of clinical trials," according to the release.
"We are proud of consummating an agreement with Terumo Corporation, one of the leading medical technology companies in the world," CEO Machiel van der Leest said in prepared remarks. "Terumo Corporation understands the value of our bioresorbable scaffold. The scaffold is designed to perform as effectively as a conventional metallic stent, but with the significant advantage of relinquishing its scaffolding function when the stent is no longer necessary to maintain the vessel."
In May 2012, ART won FDA approval for a 1st-in-man study of the stent, a month after raising nearly $3 million for the trial, with the 1st implantation following in July of that year.
ART’s backers include Bpifrance, Idinvest Partners, Turenne Capital Partners, Matignon Investissement & Gestion, Vesale Partners and Amundi Asset Management, according to the release.