BETHEL, Conn. (Sept. 2)—Memry Corp. and Biomer Technology Ltd. have entered into an agreement to jointly develop proprietary drug-loadable coatings for stents and possibly other medical devices.
Memry has made a $400,000 initial investment in Runcon, England-based Biomer for the development of technologies relating to Memry's Nitinol medical devices and will finance a $200,000 joint development program for the same technology, said Philippe Poncet, Memry's vice president of business development. Memry is making the Nitinol stent and Biomer is producing the coating.
The two companies have entered the initial phase of the joint-development project, which could span as many as three phases, he said. The length of the project "depends on when and where we decide to commercialize the product."