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news.Neovasc, a new specialty vascular device company, has entered into a distribution agreement with LeMaitre Vascular, a provider of devices for the treatment of peripheral vascular disease, for Neovasc's biological vascular strip for use in vascular surgery procedures.
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Under the terms of the seven-year agreement, LeMaitre Vascular has exclusive rights to market and sell certain sizes of Neovasc’s tissue patch products used for vascular surgery in the US and Europe.
Under the terms of the agreement, LeMaitre Vascular has the option to purchase the biologic vascular strip product technology from Neovasc after five years. LeMaitre Vascular’s use of the technology after acquisition would be limited to the manufacture of strips for use in vascular procedures, and Neovasc would retain the rights to all other applications of its biological patch technology. Further details of the agreement were not disclosed.
Alexei Marko, CEO of Neovasc, said: LeMaitre Vascular has a well-earned reputation among vascular surgeons for technical innovation and strong sales and customer support, and we are delighted that they will be distributing our vascular strip products.
The performance and exceptional handling characteristics of our tissue products make them appropriate for a number of vascular applications, including carotid endarterectomy, which should complement LeMaitre Vascular’s Pruitt-Inahara carotid shunt line.