MIV Therapeutics Inc., incorporated on March 19, 1999, is an advanced stage, research and development company pursuing the commercialization of the next generation of fully biocompatible coatings for stents and other medical devices with the intent of providing healing solutions for cardiovascular disease and other conditions. In collaboration with the University of British Columbia (UBC), the Company has developed coating technologies that utilize Hydroxyapatite (HAp) for application on medical devices and drug delivery systems. On March 14, 2005, the Company acquired SagaX, Inc. (SagaX), a Delaware corporation with operations in Israel from a third party. SagaX is in the business of researching a neuro-vascular embolic stent filter medical device through its subsidiary in Israel. SagaX has a registered patent entitled Endovascular Device for Entrapment of Particulate and Method for Use. As at May 31, 2005, the technology was still in the research stage. Coronary stents are used to treat cardiovascular disorder caused by narrowing or blockage of coronary arteries. Stents are compressible tubular devices that are mounted on a balloon catheter, inserted into the circulatory system by a team of cardiologists, and directed to the location of a blocked coronary artery. During the angioplasty procedure, which involves unclogging the artery, the balloon is expanded to clear the obstruction, allowing normal blood flow. With this procedure, the stent is deployed and remains in place to reinforce the artery wall. This procedure is an alternative to invasive open-heart surgery. HAp Nano-Film Coating Technology The Company's lead product in development is a passive, nano-film Hydroxyapatite (HAp) coating. In parallel, the Company is developing multi-layer and composite film coatings with drug-eluting capabilities to facilitate therapeutics and treatments for localized drug delivery systems. HAp is naturally found in bone and tooth enamel and is rapidly integrated into the human body. Results from clinical tests and surgical practice have shown that this generation of advanced biocompatible coatings is non-toxic and does not induce thrombogenicity, allergic or inflammatory reactions. The HAp coating technology is being developed in a series of R&D programs in collaboration with MIV Therapeutics and the University of British Columbia. MIVT is conducting a full range of biocompatibility and histopathology tests on these products. In November 2004, the Company completed Phase V clinical studies on this program, where it developed a family of biocompatible, drug-eluting stent coatings with controlled levels of porosity required for drug delivery purposes over extended periods of time. Drug-Eluting Stents Porous HAp coating is in an advanced development stage and can be loaded with considerable quantity of drugs, including anti-inflammatory, immune system depressants, or with the new generation of antithrombotic and/or antirestenotic drugs. This technology has applications in cardiovascular and non-cardiovascular drug/device combination products, including peripheral stents, biodegradable implants, gene therapy, and delivery systems for release of chemotherapeutic agents. Competitors include Johnson & Johnson, Guidant, Boston Scientific, Medtronic, Abbott Laboratories, Jomed N.V. and Implant Sciences.

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