QT Vascular has entered into an asset purchase option agreement with Medtronic for the acquisition of the group’s non-drug coated Chocolate percutaneous transluminal angioplasty balloon. The option is exercisable upon achievement of certain milestones.
“We are excited that Medtronic, the world’s leading medical device company has taken an interest in our non-drug coated peripheral products,” stated Eitan Konstantino, chief executive officer of QT Vascular. “This is a validation of the intrinsic value of our internally developed products and progress made to date. Management will continue to focus on achieving milestones related to this product line and our coronary and drug-coated product portfolio.”
Independently, QT Vascular will continue to develop and market its other products including a drug-coated version of Chocolate PTA (Chocolate Touch), which has received IDE approval from the US FDA and its coronary products portfolio of both drug and non-drug coated products.
The company will convene an extraordinary general meeting (EGM) to seek the approval of shareholders for the option agreement. A circular containing further details on the agreement and enclosing the notice of EGM will be dispatched by the company to shareholders in due course.
The company will continue to keep shareholders updated of any material developments as and when appropriate. In the meantime, shareholders and potential investors should exercise caution when trading in the shares of the company.