ARIAD Pharmaceuticals, Inc. has entered into non-exclusive agreements with Medinol, Ltd., one of the leading cardiovascular medical device companies, to develop and commercialize stents and other medical devices to deliver ARIAD's mTOR inhibitor, AP23573, to prevent reblockage of injured vessels following stent-assisted angioplasty.

ARIAD is eligible to receive license fees and regulatory, clinical and commercial milestones of up to $39.25 million, if two products are developed, plus royalties on worldwide product sales. ARIAD will be responsible for supplying AP23573 to Medinol, and Medinol will be responsible for the development and commercialization of the medical devices delivering AP23573. ARIAD has retained the right to enter into two additional non-exclusive agreements to develop and commercialize AP23573 in drug-delivery devices for vascular disease, a company release says.

"We are pleased to have one of the most innovative and successful medical device companies as our first partner to develop and commercialize drug-delivery stents incorporating AP23573 - our lead mTOR inhibitor which is in Phase 2 oncology clinical trials," Harvey J. Berger, chairman and chief executive of ARIAD said.

Medinol is a leader in stent technology and the inventor, designer, and manufacturer of the NIR line of stents, including the NIRFLEX stents. Understanding the need for simultaneous flexibility and support, Medinol created the NIRFLEX stents, which are currently available worldwide for coronary and peripheral use.

Restenosis is a reblockage of an artery at the same site where a treatment, such as a balloon angioplasty and/or a stent procedure, has already taken place.