NitroMed And Cordis In Restenosis Alliance
NitroMed and Cordis Corp, a Johnson & Johnson company, have signed anagreement to develop novel cardiovascular drugs using NitroMed's nitric oxide technology. This is NitroMed's second strategic alliance (Marketletter April 21).
Cordis and NitroMed say they will initially develop coronary stents coated with nitric oxide donor groups, with the aim of reducing restenosis following coronary angioplasty. Cordis gains worldwide development and marketing rights to any resulting products, and in return will provide an equity investment, licensing fees, milestone payments and royalties to NitroMed.
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