Medical Instruments was founded in 1972 and specialises in the fields of cardiac surgery, vascular surgery, interventional radiology and haemodynamics.
Under the agreement, Medical Instruments will initially distribute Admedus’ non-toxic and non-calcifying flagship ADAPT® bio-scaffold CardioCel®.
The bio-scaffold is used to repair congenital heart deformities and more complex heart defects. It is also used to reconstruct dysfunctional heart valves and valve leaflets.
Admedus chief operating officer David St Denis said: “Admedus is delighted to partner with Medical Instruments to distribute our unique, world-leading technology to the patients and surgeons of Italy who have already shown keen interest and adoption of our ADAPT® products.
“According to the World Health Organisation, cardiovascular disease causes more than half of all deaths across Europe, causing 46 times the number of deaths and 11 times the disease burden caused by AIDS, tuberculosis and malaria combined in Europe.”
St Denis added: “This creates an enormous need, and opportunity, for the type of innovative health solutions and technology that Admedus is focused on delivering.
“Through our partnership with Medical Instruments, who have more than 40 years of demonstrated experience and success in the Italian medical device industry, we anticipate solid growth and development in this key market.”
The company is also making progress towards securing a $18 million investment for its immunotherapies business to support ongoing research and development, as well as operational activities.
Admedus recently signed a Memorandum of Understanding (MOU) with Hong Kong investor Star Bright Holding Ltd who has already paid a non-refundable break-fee of $500,000 to finalise the terms of the investment.