Healthcare Industry News: CORPAK
News Release - April 10, 2006
VIASYS Healthcare Inc. Announces Formation of Theranox Inc.Biopharmaceutical Company Will Explore Use of Gaseous Nitric Oxide for Treatment of Chronic Wounds
CONSHOHOCKEN, Pa.--(HSMN NewsFeed)--April 10, 2006--VIASYS Healthcare Inc. (NYSE:VAS ) recently completed a transaction in which it formed Theranox Inc., a company dedicated to exploring medical applications of topically applied gaseous nitric oxide (gNO). Quaker BioVentures and NewSpring Capital, both Philadelphia-based venture capital firms, jointly led the initial financing of Theranox, and VIASYS participated in the financing as an investor. VIASYS owns or controls an extensive patent portfolio for the topical use of gNO and has exclusively licensed these patents to Theranox for use in this field. The license agreement provides for milestone payments, technology access fees and royalty payments to VIASYS.
Former VIASYS officer Frank J. McCaney was named as the President and Chief Executive Officer of Theranox. On behalf of Theranox, Mr. McCaney stated, "Published studies have demonstrated that nitric oxide has anti-infective and anti-inflammatory properties, as well as effects on cell populations that are important in the wound healing process. Theranox believes that gNO will be of great assistance to those who suffer from chronic, non-healing wounds." Randy H. Thurman, Chairman, President and Chief Executive Officer of VIASYS, added, "VIASYS is pleased to be licensing its patents in this area to a company dedicated to the commercialization of this technology and to improving the quality of the lives of those suffering from chronic wounds, serious post-surgical infections, and other topical wounds or infections."
ABOUT VIASYS HEALTHCARE INC.
VIASYS Healthcare Inc. is a global, research-based medical technology company focused on respiratory, neurology, medical disposable and orthopedic products. VIASYS products are marketed under well-recognized trademarks, including, among others, AVEA®, BEAR®, BIRD®, CORFLO®, CORPAK®, CORTRAK®, EME®, GRASON-STADLER®, JAEGER(TM), LYRA®, MEDELEC®, MICROGAS®, NAVIGATOR®, NICOLET®, NicoletOne(TM), PULMONETICS(TM), SENSORMEDICS®, TECA®, TECOMET(TM), VELA® and VMAX®. VIASYS is headquartered in Conshohocken, PA, and its businesses are conducted through its Respiratory Care, NeuroCare, MedSystems and Orthopedics business units. More information can be found at http://www.viasyshealthcare.com.
Theranox, Inc. is a venture-backed start-up company dedicated to exploring medical applications of topically applied gaseous nitric oxide. Theranox intends to conduct clinical trials and commercialize gNO for the treatment of non-healing chronic wounds and for the treatment of other topical medical problems such as post-surgical infections.
This press release includes certain forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 regarding VIASYS' receipt of milestone payments, technology access fees and royalty payments pursuant to the terms of its license agreement with Theranox and the benefits of gNO therapies to patients suffering from chronic wounds and other conditions. These statements may be identified by words such as "expect," "anticipate," "estimate," "project," "intend," "plan," "believe," and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, the execution by Theranox of its business plan, Theranox's continued access to funding sources, the development and approval of gNO therapies by Theranox, Theranox's research and development initiatives, the successful commercialization of gNO therapies, if approved, and the market acceptance of any such new products, and patent protection and litigation. For further details and a discussion of other risks and uncertainties, please see VIASYS' Annual Report on Form 10-K for the year ended December 31, 2005, which is on file with the Securities and Exchange Commission. VIASYS undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Source: VIASYS Healthcare
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