Healthcare Industry News: Covalon Technologies
News Release - March 19, 2007
Smith & Nephew Announces Worldwide Agreement With Covalon TechnologiesHULL, England, March 19 (HSMN NewsFeed) -- Smith & Nephew's (NYSE: SNN ; LSE: SN ) Advanced Wound Management division, announced today the signing of an exclusive worldwide sales, marketing and distribution agreement with Covalon Technologies (TSX-VENTURE: COV) for their advanced range of collagen dressings. Smith & Nephew Advanced Wound Management will be the sole distributor of ColActive(TM) products globally, effectively immediately.
The agreement not only allows the distribution of ColActive(TM) range of products based on Covalon's unique patented technology, but also grants access and distribution rights to an exciting and differentiated new product development portfolio in the field of advanced wound care utilising the same unique technology. This will yield further new product introductions in 2007.
This agreement further strengthens the Smith & Nephew Advanced Woundcare product portfolio alongside our ALLEVYN* foam and ACTICOAT* antimicrobial technologies and offers our customers a more a comprehensive solution to address their wound care needs.
"The addition of the Covalon collagen dressing range truly strengths the Smith & Nephew product portfolio and the obvious synergies between the two companies also look set to deliver exciting future new product development opportunities in addition to the current distributed products," said Roger Teasdale, Senior Vice President of the Advanced Woundcare Strategic Business Unit.
Joe Woody, President, Smith & Nephew Advanced Wound Management, said, "This is an important entry into a fast growing product category and reinforces our strategic focus on the US. The Covalon agreement is in-line with our strategy to aggressively acquire or partner, enabling access to advanced technologies that deliver true patients benefits and shareholder value."
* - Trademark of Smith & Nephew
TM - Trademark of Covalon Technologies
Notes for Editors
The ColActive(TM) range of product can be used to treat a wide range of wound types, including pressure ulcers, diabetic foot ulcers and venous leg ulcers. The products contain collagen and sodium alginate and when applied to the wound bed they create a moist wound environment in which fibroblasts and macrophages can easily move and function more efficiently.
ColActive(TM) in situ.
About Smith & Nephew
Smith & Nephew is a global medical technology business, specialising in Orthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies. Smith & Nephew is dedicated to helping improve people's lives. The company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The company has more than 8,500 employees and operates in 33 countries around the world and generated sales in excess of $2.6 billion.
This press release contains certain "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. In particular, statements regarding expected revenue growth and trading margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation, claims and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.
Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Smith & Nephew
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