Admedus (ASX:AHZ) has submitted intellectual property (IP) applications relating to the development of a new transcatheter aortic valve replacement (TAVR) device.
The aortic valve is one of four valves in the human heart and a TAVR is a minimally invasive surgical procedure repairing the valve without removing the old, damaged valve.
The two separate pending patent applications in the U.S relate to the development and manufacture of a three-dimensional replacement heart valve.
It uses Admedus’ clinically superior proprietary ADAPT technology that requires minimal suturing; and a hydro-packaging system that will revolutionise the way TAVR products are assembled and distributed.
This marks the beginning of Admedus’ entry into the $3 billion global TAVR market, which is projected to be $5 billion by 2020.
Wayne Paterson, CEO, commented
“The benefits of our proprietary ADAPT technology and products are now scientifically proven beyond doubt.
“With published evidence of our durability, and clinically important remodelling and anti-calcification properties and more than nine years of data behind us, we are in a strong competitive position.
“The combination of our 3D valve, hydro-packaging and ADAPT technology would ensure the Admedus TAVR is far superior to any of its competitors – less expensive to produce, more efficient to use and offering greater health benefits to patients.”
Admedus has two key revenue streams which totalled $22.3 million in FY17.
These include ADAPT®, the company's clinically superior regenerative tissue technology.
Sales for the ADAPT® portfolio of products for the period climbed 30% to $6.9 million
The second is the company's infusion business in Australia and New Zealand, where revenue increased 74% to $15.5 million.
The company expects to approach financial break even in the 2018 December quarter.
Trading halt entered
Admedus today entered a trading halt at its own request.
The halt was granted by the ASX pending an announcement regarding the finalisation of a structured debt facility.
The halt will remain in place until an announcement is made or until the commencement of trading on Thursday morning.