MONTGOMERY, Texas--(BUSINESS WIRE)--EVSC-- Endovasc Inc. (OTCBB: EVSC), an early-stage drug development company that pioneers new cardiovascular and metabolic drug therapies, announces today that in conjunction with its Joint Venture partner TissueGen, it has retained Nathan Blumberg, MD, to collaborate with the Company on the development of biodegradable stents for ureteral and prostate applications. Procedures to remove kidney stones (ureteroscopies or lithotripsies) can be extremely painful and often include the insertion of a non-disposable plastic or rubber ureteral stent to prevent further damage of the urinary tract and promote healing. Presently, most ureteral stents require a second (cystoscopy) procedure to be removed. By inserting a biodegradable stent at the time of the first procedure, one could eliminate the pain and expense of the second procedure. At the present time, there are no biodegradable urinary stents in the market place. Dr. Blumberg is a Board Certified Urologist and recently retired from Urological Surgery at St. John's Episcopal Hospital (now renamed St. Catherine of Sienna). He has several patent applications on urinary stent designs that will serve as templates for this venture. Together with the technology team at TissueGen, Dr. Blumberg will lead efforts to develop and commercialize biodegradable urinary prostheses. The ureteral stent will be composed of nontoxic tissue-compatible materials designed to degrade some time after implantation, and are then eliminated or metabolized safely by the body. According to Dr. Blumberg, "I am extremely excited about this opportunity. I believe that these stents may be viewed by the FDA as a 'substantial equivalent' to devices now employed, rather than as a drug, and as such, would require fewer patient enrollments to gain approval. Additionally, we already have approval for the first animal studies that will be preformed at Stony Brook University Animal Laboratories. Dr. James Dukowitz, CEO of TissueGen, Inc. adds, "TissueGen is very excited about the opportunity to continue our relationship with Endovasc and we look forward to working with Dr. Blumberg. The market truly needs the biodegradable stent technology that will be developed in this joint venture." According to Dr. Diane Dottavio, President and Chief Executive Officer of Endovasc, "This joint venture brings together the medical expertise of Dr. Blumberg with the precise bio-engineering capabilities of TissueGen in an attempt to produce a revolutionary product for the medical community. We estimate the potential market for ureteral and urethral stents to be $125 million annually and $18.5 million for prostate stents." Endovasc and TissueGen hold a number of patent applications on their drugs and bioresorbable stent technologies. In addition, the Company will maintain an aggressive patenting policy related to its internal product development programs to ensure that its technologies and potential future products are protected.
About TissueGen
TissueGen, Inc., based in Arlington, Texas, was founded in 2000 to commercialize drug-releasing, bioresorbable polymer scaffolds discovered by researchers in The University of Texas at Arlington's, Biomedical Engineering Program. These scaffolds are uniquely designed to meet the current challenges of tissue engineering and drug delivery. TissueGen's proprietary technology combines drug delivery with tissue engineering to control the timing and location of tissue growth. Applications under development include nerve regeneration, cancer remediation and cardiovascular therapies.
About Endovasc
Endovasc Inc., established in 1996, is an early-stage drug development company that pioneers new cardiovascular and metabolic drug therapies that are designed to deliver and release drugs to their intended targets in an efficient and controlled manner. Endovasc's lead drug candidates include Angiogenix(TM), Liprostin(TM), PROStent(TM) stent-coating technology, biodegradable stents and other drug-delivery stents.
Safe Harbor Statement
The foregoing statements are made under the "Safe Harbor" Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements that involve risks and uncertainties that may not be evident at the time of this release. For more information about Endovasc, please visit www.endovasc.com.
KEYWORD: TEXAS INDUSTRY KEYWORD: PHARMACEUTICAL MEDICAL DEVICES BIOTECHNOLOGY SOURCE: Endovasc Inc.
CONTACT INFORMATION: Endovasc Inc. Investor Relations: FOCUS Partners LLC David Zazoff, 212-752-9445 evsc@focuspartners.com
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100 < I need shares 200 < I need shares badly but dont take it down to get em 300 < Take the price down to get shares.... 400 < Trade it sideways based on Supply and Demand 500 < Gap one way or the other, usually to the direction of the 500 trade. Sometimes -if in the middle -keep the price right where it is.
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Long-term charts show it found support at mid twenty cent range and doesn't need much volume to move up-- bottomed early Nov 03 showing support since then
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HIS SIGNALL WAS 100..HE SOLD 16600 AND HAS BOUGHT ONLY 13300. HES NEED SHARES SO HES GONNA GO, WATCH HIM CLOSE THOUGH, OUR NOTORIETY HAS BEEN SPREADIING LATELY.
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Kosta-I picked up 1200@.30 it got filled while I posted the thanks. Thinking of maybe buying somemore to hold for a while and see what happens ala BIPH. I still have some I bought at .36 and .44. I shouldacouldawoulda got more this morning but a little scared of the 1.60 range to buy in now. I did buy some in a friends acount today around 1.20
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This is the first pick of yours I played. Its nice to have someone 'active' like you around. I wish IBZT would run a little more. Its having trouble breaking 5 cents.
Which one of you just bought 132 shares?
[This message has been edited by KostaVan (edited January 12, 2004).]