Photoelectron Corporation has signed an exclusive agreement with Cordis Corporation, a Johnson & Johnson Company, to co-develop and co- manufacture a disposable miniature x-ray source and associated technology for the delivery of intravascular radiation therapy to prevent restenosis of coronary arteries following angioplasty and stent procedures.
Cordis Corporation is a leader in circulatory disease management.
Additionally, Photoelectron announced that Johnson & Johnson Development Corporation has made a $3.8 million equity investment in Photoelectron’s common stock which is not required to be registered for a period of twelve months.
“We are pleased to have signed these agreements with Cordis Corporation and Johnson & Johnson Development Corporation,” stated Euan Thomson, Ph.D., President and CEO, Photoelectron Corporation.
“This $3.8 million investment is expected to provide us with the necessary resources to quickly complete development and successfully launch this new x-ray delivery system to treat cardiac patients requiring angioplasty and stent procedures.”
Under the terms of the agreement with Cordis, the companies will develop and manufacture an x-ray system based on Photoelectron’s patented technology.
The new system will include an integrated disposable x-ray tube and catheter and a delivery and control device to deliver intravascular radiation therapy.
Both companies will manufacture components for the system, which will be co- labeled.
Cordis will be responsible for the sales and marketing for the new x-ray system.
Photoelectron Corporation is a medical device and technology company specializing in miniature x-ray technology for the medical and industrial markets.
The company has secured both regulatory approval and broad distribution channels for their current products.