Healthcare Industry News: Covalon Technologies
News Release - January 18, 2007
Covalon Pursues the Orthopedic Market With Its Antimicrobial Coating on Orthopedic ImplantsMISSISSAUGA, ONTARIO--(Healthcare Sales & Marketing Network)--Jan 18, 2007 -- Covalon Technologies Ltd. (the "Corporation" or "Covalon") (TSX VENTURE:COV.V ) announced that it has successfully applied its hydrophilic, antimicrobial silver ion-releasing coating to stainless steel.
Dr. Frank DiCosmo commented that this is an important development in Covalon's pipeline for addressing the increasing need to deter infection at the metal/tissue biointerface in trauma patients fitted with orthopedic implants, such as stainless steel fixation pins and other orthopedic metallic devices and components. This recent development will allow Covalon to further develop its antimicrobial technology for orthopedic trauma and orthopedic surgical applications. Opportunities for the Company to use its technology include hip, knee, shoulder, as well as in internal and external fracture fixation and stabilization. The development fits precisely with Covalon's strategy to develop and offer a broad range of antimicrobial and drug eluting products to deter infection and improve patient outcome.
The American Academy of Orthopedic Surgeons, has estimated that each year approximately 28.6 million people in the United States sustain some type of musculoskeletal injury. The current and future U.S. markets for orthopedic products is presented in Medtech Insight's Market & Technology Report: Trends and Opportunities in U.S. Orthopedic Markets for Implant, Reconstruction, and Trauma Products. In 2004, the total market for orthopedic products for implant, reconstruction, and trauma applications was estimated to be $11.5 billion; sales are expected to double to approximately $23 billion by the year 2012.
Covalon Technologies Ltd. is a developer of advanced medical products which has patented therapeutic biomaterials for wound care and surgical applications and coatings for medical devices. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to many medical devices. A variety of applications for this technology has been identified and specific products have been developed. These products feature solutions to many of the problems caused by the material properties of the medical devices currently offered by most manufacturers and suppliers.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Source: Covalon Technologies
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