(MEND) Micrus Finds Neurovascular Partner

August 26th, 2009

Micrus Endovascular (MEND) recently inked a partnership deal with New Jersey-based Flexible Stenting Solutions for developing a new technology to treat some neurovascular indications. Flow diversion targets large and giant aneurysms, which represent nearly 20%-25% of treated intracranial aneurysms. The stent-like devices, when placed in the parent vessel, divert blood flow away from the aneurysm to facilitate healing.

Micrus will manage the regulatory and clinical process and also manufacture flow diverters based on Flexible Stenting’s proprietary third-generation self-expanding stent design platform. This advanced platform provides porosity and flow-diversion control based on a unique design pattern and raises flexibility during delivery and post-placement vessel conformability. It also allows post-placement coiling, if required, and its proprietary coating lowers the possibility of thrombogenicity and stenosis.

Micrus has already made an upfront payment following terms of the deal. Flexible Stenting will also receive additional finance after achieving certain development and regulatory targets. Moreover, it is entitled royalties from Micrus on net sales from the product.

Earlier this month, Micrus reported first-quarter earnings of 14 cents per share compared to a loss of 42 cents in the year-ago period. Revenue grew 16% to $21.2 million. Micrus expects total sales of $82-$86 million for fiscal 2010, excluding the sales in China. We continue to maintain our Neutral recommendation for the company.

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