Vaishnav will join MIVT as Chief Executive Officer of Biosync Scientific.
Vaishnav and his team to the MIVT family, and we look forward to continuing to build our brand in one of the world's fastest-growing markets."
Together this partnership will accelerate the commercialization of MIVT technologies that could successfully address the well-publicized issues facing the current drug eluting stent manufacturers.
MIVT has a Collaborative Research Agreement (CRA) with the University of British Columbia and has received a Government grant for its research program on the "Development of Novel Drug Eluting Composite Coatings for Cardiovascular Stents," under the National Research Council-Industrial Research Assistance Program (NRC-IRAP).
"We are very pleased that as a result of exercising the licensing option, the collaborative research and development between the University of British Columbia and MIVT will reach a new level of intensified research," said Arc Rajtar, vice president of operations, who coordinates technical cooperation between UBC and MIVT.
Tom Troczynski, Ph.D., MIVT vice president of Coatings and professor of Ceramics at the University of British Columbia, who leads the research team and pioneered development of HAp for application on cardiovascular stents.
MIVT's ultra-thin coating formulation is designed primarily to protect surrounding tissue from the chemical interaction of metal stents.
Alan Lindsay, CEO of MIVT stated "As we progress through our R&D program, all preliminary test results continue to support our firm belief that the company's proprietary HAp ultra-thin coating exhibits properties that provide our technology with a clear competitive advantage.
MIVT's manufacturing facility meets the guidelines applicable to CE Mark, FDA and GMP requirements.
MIVT President and CEO, Alan Lindsay said, "The critical path of our R&D program has passed another essential milestone.
We believe there is an opportunity for MIVT to make a meaningful impact by introducing a next-generation coating technology for stents that will provide significant benefits in treatment of cardiovascular disease.
MIVT's ultra-thin coating has been designed to inhibit inflammatory response without drugs.