A Medical Device Daily

SurModics (Eden Prairie, Minnesota), a provider of surface modification and drug delivery technologies to the healthcare industry, reported that it is providing advanced hydrophilic coating technology for Elixir Medical’s (Sunnyvale, California) drug-eluting and bare-metal stent systems, which are designed to optimize vessel scaffolding and localized drug delivery to provide a safe and effective treatment for cardiovascular patients.

Elixir has conducted five first-in-human clinical studies evaluating the therapeutic effectiveness of the company’s novolimus-eluting and myolimus-eluting stent systems. Novolimus and myolimus are macrocyclic lactones in the same family as rapamycin. The macrocyclic lactone drugs represent the most widely utilized drug family for drug-eluting stent applications and have an established safety and efficacy profile.

“SurModics is pleased to license our advanced hydrophilic coating technology for Elixir’s novolimus-eluting and myolimus-eluting stent systems,” said President/CEO Bruce Barclay. “We believe that next-generation stents, such as Elixir’s, will not only improve safety and efficacy, but in the process expand the size of the overall market.”

“We believe SurModics’ hydrophilic coating technology will enhance the deliverability of our bare metal and drug-eluting stent delivery systems, allowing us to better address physician and patient needs,” said Elixir CEO Motasim Sirhan.

In other dealmaking news, Health Care REIT (Toledo, Ohio) reported that it has terminated its previously disclosed agreement with an affiliate of Arcapita (Atlanta) to acquire the affiliate’s 90% interest in a venture owning 29 senior housing properties managed by Sunrise Senior Living (McLean, Virginia).

“We performed extensive due diligence and appreciate the cooperation and assistance provided by Sunrise and Arcapita,” said George Chapman, chairman/CEO of Health Care REIT, “Given the uncertainty in the capital markets, we determined the transaction would not be in the best interests of our stockholders under the original terms. We will continue to pursue new investment opportunities in the senior housing and care industry, and are committed to prudently allocating capital throughout all economic cycles.”

Health Care REIT is a real estate investment trust that invests across the full spectrum of senior housing and healthcare real estate. As of Sept. 30, the company’s portfolio consisted of 641 properties in 39 states.