On-X Life Technologies Honored with 2015 PTV Star of Texas Healthcare Award
PTV PORTFOLIO COMPANY HONORED FOR OUTSTANDING SERVICE TO TEXAS HEALTHCARE COMMUNITY
Austin, TX – October 1, 2015 – PTV Healthcare Capital announced today that On-X Life Technologies, Inc. (On-X LTI), a leading manufacturer of mechanical heart valve replacements that are designed to dramatically improve patients’ quality of life, has been awarded the 2015 Star of Texas Healthcare Award in honor of its outstanding service to the healthcare community. On-X CEO Clyde Baker accepted the award yesterday at PTV’s 2015 Investor Meeting in Austin, Texas.
For the past eight years, the Star of Texas Healthcare award has honored healthcare professionals and outstanding members of the Texas community for their commitment to healthcare improvement and innovation through either professional achievement or outstanding philanthropic service. Previous recipients of the Star of Texas Healthcare Award include Mack Brown, former coach of the Texas Longhorns football team; John Mendelsohn, MD, Past-President of the MD Anderson Cancer Center; Steven McKnight, PhD, Professor and Chairman of the Department of Biochemistry at the University of Texas Southwestern; Mark McClellan, MD, PhD, former Commissioner of the US FDA for Medicare and Medicaid Services; Julio C. Palmaz, MD, inventor of the first commercially successful coronary stent; James T. Willerson, MD, President and Medical Director for the Texas Heart Institute; and Francisco G. Cigarroa, MD, Chancellor of the University of Texas System.
This year, for the first time, the Star of Texas Healthcare Award recognizes a company rather than an individual. Approximately 200,000 patients have received the company’s replacement heart valves, which are bileaflet prosthetic valves made of pure pyrolytic carbon. While all mechanical heart valve patients must continuously take blood-thinning (“anticoagulant”) medications such as warfarin, an expanded labeling claim granted by the U.S. Food and Drug Administration (FDA) to On-X in April of this year gave thousands of patients with On-X® Aortic Heart Valves the chance to reduce their regular blood-thinning medication regimen. Under the FDA’s labeling expansion, the On-X® Aortic Heart Valve is the only one in the world that allows patients to be managed, starting three months after their surgery, at an INR* (International Normalized Ratio) level of 1.5 to 2.0, which is closer to an unmedicated INR. The heart valves also have a 65% lower risk of bleeding than other mechanical valves and have a much lower risk of reoperation than tissue valves.
“What On-X is doing for these patients has been absolutely life-changing,” said PTV Founding Managing Director Matt Crawford. “This is the future of healthcare – to be able to treat patients with fewer drugs while simultaneously achieving better outcomes and lowering costs. To achieve this at the scale On-X has accomplished is absolutely deserving of recognition. We are proud to call them our Star of Texas Healthcare and look forward to seeing the positive impact they will continue to make on patients lives.”
Congratulations to the On-X team on this well deserved recognition!
* An INR blood test measures the length of time required for a patient’s blood to clot.
On-X CEO Clyde Baker (left) and his team accept the 2015 Star of Texas Healthcare Award at the PTV Investor Meeting Wednesday, September 30.
About On-X LTI
On-X Life Technologies (On-X LTI) develops mechanical heart valve replacements that are designed to dramatically improve patients’ quality of life. Headquartered in Austin, Texas, On-X is a privately held company. Additional information is located at www.onxlti.com.
PTV is a healthcare venture capital and growth equity firm dedicated to enabling healthcare entrepreneurs and global innovation. It is comprised of a highly collaborative team of professionals, deeply experienced as investors and operators of life science companies. PTV focuses on mid-to-late stage companies with comparatively low technical, regulatory, and financial risk that are “with the grain” of healthcare economics – improving patient outcomes while decreasing costs – in markets with significant unmet clinical needs.