Exhibit 99.1
MIVT CANCELS PROSTENT LICENSE AGREEMENT
MIV THERAPEUTICS CANCELS ENDOVASC LICENSE AGREEMENT
Vancouver, BC - May 23, 2003
MIV Therapeutics Inc. (MIVT:OTCBB) has announced it will not extend the License
Agreement dated May 17, 2002 with Endovasc Ltd., Inc. This agreement relates to
the development of Endovasc's PROstent(TM)technology. To date, all contractual
obligations have been met by both parties.
XXXX's Executive Vice President, Xxxxxxx XxXxxxx, stated, "This is purely an
economic decision and in no way reflects on the PROstent(TM) technology. Public
markets are faced with difficult economic conditions and MIVT feels the need to
direct its resources to our proprietary hydroxyapatite stent coating program. We
remain fully committed to our Joint Venture with Endovasc through STENTGENIX
Inc. We have enjoyed the opportunity of working with Endovasc under the License
Agreement and are committed to continue our working relationship in the future."
ABOUT MIV THERAPEUTICS
MIV Therapeutics is developing a "next generation" line of advanced
biocompatible stent coatings and therapeutics for stent based drug-delivery
systems. MIVT is an equal partner in Stentgenix Inc., a Joint Venture company
developing the ANGIOGENIX(TM) pharmaceutical coating for coronary stents and
biodegradable/resorbable stent and catheter technologies.
The Company has completed development of a line of proprietary coronary stents
for use in angioplasty procedures and is in late-stage development of its
hydroxyapatite stent coating technology. MIVT's manufacturing facility maintains
a comprehensive QA (Quality Assurance) system which meets the guidelines of ISO
9001 (1994) and ISO 13485 (1996) requirements, complies with applicable FDA
guidelines and applicable GMP requirements and is capable of private label
manufacturing and out-sourcing.
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN
THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS ARE MADE
UNDER THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED IN
FORWARD-LOOKING STATEMENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES. PLEASE
SEE THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION INCLUDING,
WITHOUT LIMITATION, THE COMPANY'S RECENT FORM 10-K AND FORM 10-QS, WHICH
IDENTIFY SPECIFIC FACTORS THAT MAY CAUSE ACTUAL RESULTS OR EVENTS TO DIFFER
MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
