Shape Memory Medical Announces Sublicense of Intellectual Property
SANTA CLARA, Calif.–(BUSINESS WIRE)–Shape Memory Medical Inc. announced today that it has entered into a sublicense agreement with a strategic global medical device company. Under the agreement, Shape Memory Medical will sublicense its proprietary shape memory polymer technology for a narrow high-growth indication outside of Shape Memory Medical’s endovascular and neurovascular focus, in return for an upfront license payment, and future milestones and royalties. While pursuing this and other potential sublicense opportunities, Shape Memory Medical remains committed to the clinical and commercial development of its proprietary technology within its core business – aortic, peripheral vascular, and neurovascular embolization.
Commenting on the agreement, Shape Memory Medical’s President and CEO, Ted Ruppel, said, “This marks the second sublicense of our intellectual property portfolio to another highly respected medical device manufacturer. This is an innovative application of our technology that could further revolutionize an already rapidly growing and competitive global market. Given the unique properties of our shape memory polymers, we believe there remain other clinical areas in which our materials will help improve and further differentiate market-leading medical products to benefit patients and grow market share for our partners.”
The Shape Memory Medical team combined expertise in polymer chemistry and formulation, medical device development, manufacturing, and clinical research to develop a medical technology platform and a pipeline of medical devices for a variety of clinical indications. Shape Memory Medical’s core shape memory polymer technology offers unique properties including vascular space filling, radiopacity, low radial force, porosity to support thrombus formation, and stimulation of the immune response and healing system. Shape Memory Medical’s intellectual property portfolio covers the development, manufacture, and clinical application of its novel shape memory polymer technology.
About Shape Memory Medical
Shape Memory Medical Inc., based in Santa Clara, California, is committed to developing multiple medical therapies with its novel shape memory polymer technology. Products include CE Marked and FDA Cleared IMPEDE and IMPEDE-FX devices for peripheral embolization applications, and the CE Marked TrelliX® Embolic Coil for neurovascular applications. The company’s TrelliX Embolic Coils have not been cleared or approved by FDA, and are not commercially available in the United States. For more information, visit www.shapemem.com.
Shape Memory Medical Inc.
Ted Ruppel, 408-649-5175