Endovasc, Basic Research Sign Letter Of Intent

Endovasc, Ltd., Inc., Montgomery, TX, a biotechnology firm with two cardiovascular drugs approved for final FDA phase III trials, has signed a letter of intent with XM International, d.b.a. Basic Research Inc., Salt Lake City, UT, a nutraceutical company. According to the agreement, Basic Research will invest $2.5 million in developing, commercializing and marketing an array of nutraceutical products built on Endovasc’s current technology portfolio. In addition, Basic Research has agreed to pay Endovasc a 10% royalty on all revenues generated by these nutraceutical products.