Amaranth Medical, Inc. - Sale of Medical Device IP & Assets
Negotiated Sale Process featuring all Company assets, including intellectual property (patents, clinical data & trademarks) of a company developing & manufacturing bioresorbable scaffolds / stents for cardiovascular interventions.
By Order of Assignee for the Benefit of Creditors – U.S. and Singapore Locations
Onyx Asset Advisors, LLC. (“Onyx”) – http://thinkONYX.com – has been formally engaged as the exclusive sales agent of Amaranth Medical, Inc. and its subsidiary Amaranth Medical, PT. Ltd, a Singapore corporation (collectively referred to hereafter as “Amaranth”). The asset offering includes in whole or in part of all or substantially all of the Amaranth assets, including its intellectual property (patents, clinical data and trademarks) as well as inventory and equipment (the “Assets”). Please return an executed copy of the non-disclosure agreement available at the bottom of this page for full access to the Amaranth data-room. In order to assist interested parties with their due diligence, we have included a synopsis of the relevant details of the Amaranth offering. Please review the information below and email Kevin Otus at firstname.lastname@example.org with any questions or to schedule an on-site due diligence / inspection. Please note that we are only able to accommodate a limited number of parties each day.
Sale Process Time-Line
- Due Diligence period February 20, 2019 to March 13, 2019
- Facilities Inspections – February 27, 2019 to March 8, 2019
- Sealed Bid offering due – Wednesday – March 13, 2019
- Bid acceptance – Friday – March 15, 2019
Due Diligence Facilities Tours
Available Tour Dates: Wednesday, February 27, 2019 (3 tours available) Thursday, February 28, 2019 (2 tours available) Friday, March 1, 2019 (2 tours available) Saturday, March 2, 2019 (2 tours available) Monday, March 4, 2019 (3 tours available) Tuesday, March 5, 2019 (2 tours available) Wednesday, March 6, 2019 (2 tours available) Friday, March 8, 2019 (2 tours available) Tour dates will be assigned on a first-come-first-served basis, so please schedule your tour date soon. We kindly request at least 24 hours-notice before any visit so we can confirm availability of a requested date and time slot. Facility and visit details will be provided upon confirmation.
Company – Intellectual Property and Equipment Overview
Amaranth Medical, Inc. developed a broad proprietary technology platform for the creation of bioresorbable products for both vascular and nonvascular applications. Amaranth’s lead products were a family of bioresorbable coronary stents. Bioresorbable stents, also known as bioresorbable scaffolds, are believed to be the next generation stent solution for vascular disease, as they provide the necessary temporary scaffolding to assist the artery in the vessel wall remodeling process (after treatment in an interventional procedure to open a vessel blockage), without leaving behind a permanent implant that creates limitations once the artery has remodeled.
The vascular stent market is estimated to be approximately $5 billion globally, of which approximately $4 billion results from sales of coronary stents. Coronary stents represent one of the world’s largest medical device product categories, but it is expected that this market will be completely reshaped over the next five years by the development of bioresorbable stents. In that regard, a recent independent research analysis has estimated that the global market for bioresorbable coronary stents will reach US$2.4 billion by 2021. There are no bioresorbable stents approved for sale in the United States.
Metal stents provide a permanent solution to a temporary problem. Vessel scaffolding is required for only a short time after an interventional procedure to open a vessel blockage (customarily with the inflation of a balloon in the blocked portion of the vessel). After the vessel wall has remodeled and healed in the newly opened position, the stent becomes a detriment to the future health of the vessel. Unlike metal stents, bioresorbable stents do their job and disappear over time, allowing the vessel to fully remodel and regain natural vessel movement and function. While metal stents are the current standard of care, they have significant clinical limitations: Metal stents have a fixed diameter at the time they are implanted, and they are never able to expand beyond that fixed diameter to allow the blood carrying area of a treated vessel to expand. As a result, over the years that follow treatment, the blood carrying area of a vessel treated with a metal stent continues to shrink, as additional layers of vessel wall growth and plaque are added to the interior of the blood vessel which has been permanently limited in diameter by a metal stent. In contrast, polymeric bioresorbable stents first soften and then disappear completely, which removes the restrictions on both vessel motion and vessel size. Importantly, the Amaranth bioresorbable stent, as well as the bioresorbable stent developed by Abbott, have demonstrated that over time the portion of the vessels treated with polymeric bioresorbable stents actually increases in size (“late gain”), rather than being destined to continually decrease in size and blood carrying volume, as happens with metal stents. Amaranth is the only company which has demonstrated this late gain phenomenon in a clinically successful trial of a bioresorbable stent that was not coated with an anti-proliferative drug.
Amaranth has developed a proprietary ultra-high molecular weight bioresorbable polymer and manufacturing technology that allows for deposition of very thin layers of polymers in a tubular form resulting in strong multi-layer vascular stents. This unique layering process allows for high precision control of the stent thickness, while the ultra-high molecular weight provides a critical balance of flexibility and radial strength; in combination this allows for the creation of the best stent design for each clinical application.
Amaranth assembled a strong intellectual property portfolio protecting its proprietary polymer and processing technology, including multi-layer tube formation and multiple aspects of the manufacturing of its bioresorbable stents. Amaranth believed that this intellectual property portfolio gave the company both (i) freedom to operate with respect to the manufacturing and sale of its bioresorbable stents and (ii) the means to prevent others from reproducing its strong, ductile and easily manufacturable bioresorbable stents.
Development and Manufacturing Capabilities
The equipment in this offering allowed for Amaranth’s unique development and manufacturing capabilities and provided critical differentiation relative to other bioresorbable stent development efforts, including the programs of both small and large companies. Amaranth designed developed and manufactured its stents completely in- house, including tube manufacturing, laser cutting, drug-coating assembly and sterilization, at its Mt. View California HQ / R&D facility. The opportunity exists to negotiate a short-term lease extension (12-18 month term) to remain in the Mt. View HQ / R&D facility to facilitate a gradual step down of the process to allow for a more orderly transition. Please note that the equipment has been professionally relocated & is currently being displayed at another facility located in San Jose, California (15 miles distance) –but can be promptly relocated back to the Mt. View HQ / R&D facility. IMPORTANT LEGAL NOTICE: The information in this memorandum does not constitute the whole or any part of an offer or a contract, nor does it purport to contain all information that may be required or relevant to a recipient’s evaluation of any transaction and recipients will be responsible for conducting their own investigations and analysis. The information contained in this memorandum relating to the Assets has been supplied by Amaranth. It has not been independently investigated or verified by Onyx, its agents or any other party. Potential purchasers should not rely on any information contained in this memorandum or provided by Amaranth or Onyx (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit. Amaranth or Onyx and their respective officers, directors, staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, completeness and reasonableness of any information provided in connection herewith and (ii) do not accept liability for the information provided in connection herewith, including information contained in this memorandum, whether that liability arises by reasons of Amaranth or Onyx negligence or otherwise. Any sale of the Assets will be made on an “as-is, where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of Amaranth or Onyx. Without limiting the generality of the foregoing, Amaranth or Onyx and their respective officers, directors, staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, the implied warranties of habitability, merchantability, or fitness for a particular purpose. Except as otherwise noted, this memorandum speaks as of the date hereof. The delivery of this memorandum should not and does not create any implication that there has been no change in the business and affairs of Amaranth since such date. Neither Amaranth nor Onyx, or their respective staff, officers, directors, agents and attorneys, undertakes any obligation to update any information contained herein. This memorandum contains confidential information and is not to be supplied to any person without Onyx’s prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement available via the link below.