Press Releases

BioCardia Announces License Agreement with SRTI

South San Francisco, CA., November 12th 2002

BioCardia, Inc. announced a license grant including exclusive and nonexclusive rights to patent applications and patents developed by BioCardia to a newly formed company, SRTI, a privately held company located in Plymouth, Minnesota. SRTI is headed by Daniel Sullivan and backed by St. Paul Venture Capital.

Under the terms of the license, SRTI paid a license fee to BioCardia and is obligated to make payments upon the achievement of certain clinical milestones and royalty payments on sales of products, if any. SRTI has certain obligations regarding the development, manufacture and sale of products based on the BioCardia patents and patent applications.

Peter Altman, CEO of BioCardia, states: “This license grant creates value for BioCardia shareholders. BioCardia developed this intellectual property because we believe there is great clinical need, and we are enthusiastic about the technology development efforts of SRTI. Dan Sullivan and his fellow board members have the experience and drive to build a world class company in a new area, while BioCardia remains focused on our core business of local delivery of therapeutic agents to the heart and other solid organs.”

BioCardia, Inc. has developed one of the leading integrated catheter drug delivery platforms designed to enable safe and routine delivery of biotherapeutics to solid organs. BioCardia develops and markets catheter systems for device and drug delivery and is actively partnering with leading drug delivery companies for local delivery to the heart. . These products, programs and services assist medical device, pharmaceutical, and biotechnology researchers with both preclinical and clinical delivery solutions. BioCardia has the earliest and largest portfolio of issued United States patents covering local intramyocardial delivery and is leveraging its intellectual property position to be a leader in the developing field of Biointerventional Cardiology.