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Article: Endovasc Creates Subsidiaries For Two Late-Stage Products.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Spinning off subsidiaries left and right, Endovasc Ltd. Inc. this week attributed the moves to a new business model.
The Montgomery, Texas-based firm Thursday established as a subsidiary Liprostin Development Corp. for its anti-inflammatory cardiovascular drug, Liprostin. Two days earlier, Endovasc established as a subsidiary Angiogenix Development Corp. for its nicotinic acetylcholine receptor agonist drug, Angiogenix.
"We're putting each of the technologies into a separate entity that will be owned by either the shareholders or the company," Chief Financial Officer Dwight Cantrell said. "By doing this, we have an entity out there ...