WILMINGTON, Mass., Sept. 12 OmniSonics MedicalTechnologies, Inc., a developer of advanced medical devices for use in thetreatment of vascular disease, announced today that it has entered into alicensing and development agreement with Boston Scientific Corporation(NYSE: BSX) for technology to treat thromboembolic acute ischemic stroke.Treatment of this type of stroke represents a significant unmet clinical need,as only 10 percent of the more than 600,000 stroke patients in the UnitedStates receive therapy each year.
Under the terms of the agreement, the two companies will work jointly todevelop an application of OmniSonics' OmniWave(TM) technology for thetreatment of acute ischemic stroke. The OmniWave technology, which deliverslow-power ultrasonic energy to remove thrombus (or a blood clot), recentlylaunched in the U.S. for the treatment of clots in the peripheral vasculature.Boston Scientific will provide funding based on the achievement of developmentmilestones and has an option to acquire the technology as well as exclusiverights to the intellectual property for the treatment of acute stroke.
"OmniSonics is excited to enter into this agreement with BostonScientific," said Richard Ganz, President and CEO of OmniSonics MedicalTechnologies. "We are hopeful our OmniWave technology will prove to be aneffective option for patients suffering from acute stroke."
About OmniSonics Medical Technologies, Inc.
OmniSonics Medical Technologies, Inc., based in Wilmington, MA, is aventure-backed medical device company focused on developing breakthroughproducts for the treatment of vascular disease. The Company's products arebased on its patented OmniWave technology, the first technology capable ofdelivering low-power ultrasonic energy around the active length of a smalldiameter wire in a diseased blood vessel. OmniWave technology is designed tohave broad applications in vascular disease.Contact: OmniSonics Medical Technologies, Inc. Len Farris (978) 657-9980 x501 email@example.com
SOURCE OmniSonics Medical Technologies, Inc.