MIV Therapeutics Inc has announced it will not extend the License Agreement dated May 17, 2002 with Endovasc Ltd. Inc. This agreement relates to the development of Endovasc's PROstent technology. To date, all contractual obligations have been met by both parties.
MIVT's Executive Vice President, Patrick McGowan, stated, "This is purely an economic decision and in no way reflects on the PROstent technology. Public markets are faced with difficult economic conditions and MIVT feels the need to direct its resources to our proprietary hydroxyapatite stent coating program. We remain fully committed to our Joint Venture with Endovasc through Stentgenix Inc. We have enjoyed the opportunity of working with Endovasc under the License Agreement and are committed to continue our working relationship in the future."