PLEASANTON, Calif., Jan. 29, 2018 /PRNewswire/ -- QT Vascular Ltd., (the "Company" or "QT Vascular", and together with its subsidiaries, the "Group"), is a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease. Further to the Company's announcements on September 4, 2017 and November 2, 2017 in relation to the substantial completion of the manufacturing transfer of Chocolate® PTA to a third-party contract manufacturer and the triggering of one of the option triggers set out in the asset purchase option agreement ("Option Agreement"), the Board of Directors of the Company is pleased to announce the completion of the US$28 million sale of Chocolate® PTA balloon catheter to Medtronic. Further details of the Option Agreement can be found in the Company's circular to shareholders dated May 18, 2017.
In February 2017, QT Vascular signed an exclusive, worldwide distribution agreement with Medtronic to distribute the Chocolate PTA balloon catheter. It is currently commercially available by Medtronic in the United States and Europe.
"Through our distribution agreement with QT Vascular, we have seen a lot of excitement from physicians about this unique, specialty balloon," said Mark Pacyna, vice president and general manager of the Peripheral business in the Medtronic Cardiac & Vascular Group. "The acquisition of the Chocolate® PTA balloon will strengthen our portfolio, providing customers with a both a stand-alone and adjunctive treatment option for peripheral artery disease above and below the knee."
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 Investigational Device Exemption approval from the U.S. Food and Drug Administration and its coronary products portfolio of both drug and non-drug coated products.
"We are very pleased with the completion of the sale of our non-drug coated peripheral product, the Chocolate® PTA balloon catheter, to Medtronic, the world's leading medical device company," stated Eitan Konstantino, PhD, CEO of QT Vascular. "This is a validation of the intrinsic value of our internally developed products. QT Vascular will continue to focus on achieving milestones related to our coronary and drug coated product portfolio."
SOURCE QT Vascular Ltd.