Endologix' Marriage of Convenience
Endologix needed cash, Radiance Medical needed a new market. Each found what it needed in a merger which will give Endologix the resources to develop its AAA graft line while helping Radiance segue out of a coronary brachytherapy market all but decimated by drug-eluting stents.
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It's not unusual for small device companies to begin early to build a European distribution network. But AAA graft company Endologix has had to do so three times in three years.
At this year's American College of Cardiology meeting, radiation pioneer Novoste squeezed in at the last minute with data from its START clinical trial proving the safety and efficacy of radiation in treating in-stent restenosis. Novoste's path to this promising opportunity has been long and costly and fraught with regulatory challenges, epitomized by a European launch that, company officials say, was misunderstood by most industry observers. To be sure, radiation still has its skeptics and critics, but Novoste and its supporters believe that the START data underscores that beta radiation represents the best hope for future restenosis treatments. The real significance of the START data isn't that it proves that radiation works--it's that, for now, the future debate about radiation is likely to be defined by Novoste.
Endologix is using creative financing to develop a one-piece AAA device.