Our research and development initiatives have resulted in the filing of numerous patent applications. We currently have 30 U.S. patents and over 275 patents issued in other jurisdictions.

In April, 2007, we announced a collaboration with Grupo Ferrer Internacional, S.A., a leading European pharmaceutical and medical devices company, to commercialize our Celacade System for the treatment of chronic heart failure in the European Union (EU) and in certain Latin American countries. Under the agreement, Ferrer will have the exclusive rights to market Celacade for the treatment of chronic heart failure and other cardiovascular conditions in specified countries of Europe, including Germany, Spain, Portugal, France, and Italy, and certain countries in Latin America, including Mexico, Brazil, Argentina, and Venezuela. We have already received EU regulatory approval as a medical device under the CE Mark, which enables marketing of Celacade for the treatment of chronic heart failure in the 27 member countries of the EU.

• For additional details on this collaboration, please click here.

In December 2007, Grupo Ferrer received the initial orders for our Celacade™ System in Germany.

• For additional details, please click here.

Subject to acceptable terms and strategic considerations, we intend to establish additional corporate alliances, primarily to support marketing and sales of our products, in the United States, Canada, and elsewhere.