Angeion
This article was originally published in The Gray Sheet
Executive Summary
Begins clinical trials of its laser catheter ablation system for percutaneous treatment of ventricular tachycardia. The firm hopes to complete the 10-patient study at the Carolinas Medical Center in Charlotte, North Carolina within a year. Single-center studies also are continuing in idiopathic hypertrophic subaortic stenosis and in open chest surgical ventricular tachycardia. Angeion recently signed an agreement with Siemens Pacesetter under which Siemens gains an exclusive OEM license to Angeion's defibrillator products and non-exclusive OEM license to Angeion's laser catheter cardiac ablation products. The agreement also provides Angeion with a non-exclusive license to Siemens' defibrillator patents. Siemens has made an initial $5 mil. investment in Angeion, which included the purchase of 875,000 shares at $4 per share and a $1.5 mil. 10-year convertible debenture. Siemens may invest up to an additional $3 mil. based on product development milestones.
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