Organogenesis Inc. entered into a collaboration worth up to $11million with SCIMED Life Systems to develop and market theformer's collagen coated endovascular devices for use in ischemicheart and peripheral vascular diseases.
SCIMED, of Minneapolis, has agreed to up-front and milestonepayments of $11 million to Organogenesis. The Canton, Mass.,company also will get royalties and payments for manufacturing thedevices. No other financial details were disclosed.
In a prepared statement, Organogenesis officials said their "collagencoating acts as a smooth, non-clotting surface," which can be usedwith SCIMED's stents and catheters. Endovascular stents, theofficials said, "are intended to keep coronary and peripheral arteriesfrom closing."
Organogenesis (AMEX:ORG) closed Thursday at $14.75, up 50cents. SCIMED (NASDAQ:SMLS) was down 25 cents to $58.75. _Charles Craig
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