Healthcare Industry News: joint replacement
News Release - February 5, 2007
Biomet Announces Licensing Agreement with Marc TecWARSAW, Ind.--(HSMN NewsFeed)--Biomet, Inc. (NASDAQ:BMET ) announced today that Biomet Sports Medicine, the Company's arthroscopy subsidiary, has licensed more than 45 patents with applications in sports medicine and arthroscopy through an agreement with Marc Tec LLC. Marc Tec is one of a family of affiliated companies of Bonutti Technologies, Inc., an innovator in minimally invasive surgical instrumentation. The arthroscopy market is currently estimated to be $1.7 billion worldwide, with the market in the United States approaching $1 billion.
Biomet's Interim President and Chief Executive Officer Daniel P. Hann commented, "The completion of this licensing agreement will lead to the improvement of existing products and allow us to introduce unique, innovative products into the sports medicine market."
Biomet Sports Medicine will be working with orthopedic surgeon Peter Bonutti, M.D. of the Bonutti Clinic, in Effingham, IL. Together they will develop new products in the areas of meniscal repair and suture anchors.
"I am pleased to work with Biomet, a trendsetter in the sports medicine world and look forward to pooling our assets to advance sports medicine technology," stated Dr. Bonutti, founder of Marc Tec and Bonutti Technologies.
Biomet Sports Medicine offers a complete line of arthroscopy products addressing the estimated $1.7 billion worldwide market. Biomet Sports Medicine, working in conjunction with the industry's most innovative surgeons, focuses its research and development efforts on technique-specific implants and instruments for anterior cruciate ligament and arthroscopic shoulder repair.
Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. The Company's product portfolio encompasses reconstructive products, including orthopedic joint replacement devices, bone cements and accessories, and dental reconstructive devices; fixation products, including electrical bone growth stimulators, internal and external orthopedic fixation devices, craniomaxillofacial implants and bone substitute materials; spinal products, including spinal stimulation devices, spinal hardware and orthobiologics; and other products, such as arthroscopy products and softgoods and bracing products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in more than 100 countries.
Source: Biomet, Inc.
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