Healthcare Industry News: Wright Medical Group
News Release - February 12, 2007
Wright Medical Group and Regeneration Technologies Enter Agreement to Develop Advanced Biomaterial Implants for Foot and Ankle Surgeries
ARLINGTON, Tenn.--(HSMN NewsFeed)--Wright Medical Group, Inc. (NASDAQ: WMGI ), a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics, announced today that it has signed an agreement with Regeneration Technologies, Inc. (RTI), a Florida-based processor of orthopaedic and other biologic implants, to develop advanced xenograft implants for use in foot and ankle surgeries.Under the agreement, Wright Medical will design and distribute the implants, while RTI will develop, manufacture and supply Wright's designs. The contract will be effective immediately.
"Wright Medical is committed to bringing innovative implant and biologics solutions to the foot and ankle surgery market," said Gary D. Henley, Wright's President and Chief Executive Officer. "Our agreement with RTI will enable us to launch products that are highly complementary to our current offering of leading technologies in this dynamic segment."
The new implants for the foot and ankle market will be marketed by Wright under the CANCELLO-PURE(TM) brand. A multi-purpose wedge version of the product will be made available in the second quarter of 2007, with indication-specific product configurations scheduled for the second half of 2007.
"Regeneration Technologies is pleased to partner with Wright Medical, a global leader in orthopaedics, for our first xenograft manufacturing agreement," said Brian K. Hutchison, RTI's Chairman, President and Chief Executive Officer. "The biologic matrix used for these implants provides a biocompatible, sterile biomaterial that can be used as a bone void filler in applications like foot and ankle surgeries. What's more, these implants will also offer the benefits of RTI's patented BioCleanse® Tissue Sterilization Process, which enables delivery of sterile biologic implants with improved biocompatibility and preserved structural integrity."
About Wright
Wright Medical Group, Inc. is a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices, extremity devices and biologics. The Company has been in business for over 50 years and markets its products in over 60 countries worldwide. For more information about Wright medical, visit our website at www.wmt.com.
About Regeneration Technologies, Inc.
RTI processes allograft and xenograft tissue into shaped implants for use in orthopaedic and other surgeries with a commitment to science, safety and innovation.
RTI also holds the patents on the BioCleanse® Sterilization Process, the only proven tissue sterilization process validated to eliminate viruses, bacteria, fungi and spores from tissue without impacting the structural or biomechanical integrity of the tissue. The company has distributed more than half a million allograft implants sterilized with the BioCleanse® process with zero incidence of infection. RTI is accredited by the American Association of Tissue Banks and was named a 2004 Technology Pioneer by the World Economic Forum.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, beliefs, estimates, and expectations and express management's current views of future performance, results, and trends. The Company wishes to caution readers that actual results might differ materially from those described in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed in the Company's filings with the Securities and Exchange Commission (including the Company's annual report on Form 10-K for the year ended December 31, 2005), which could cause the Company's actual results to materially differ from those described in the forward-looking statements. Although the Company believes that the forward-looking statements are accurate, there can be no assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a representation by the Company that the results described therein will be achieved. The Company wishes to caution readers not to place undue reliance on any forward-looking statement. The forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update any forward-looking statement after this date.
Source: Wright Medical
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