Healthcare Industry News: joint replacement
News Release - March 21, 2007
Biomet and Kensey Nash Announce Exclusive Marketing and Distribution Agreement for OrthoFill(TM) Proprietary Bone Void FillerWARSAW, Ind. & EXTON, Pa.--(HSMN NewsFeed)--Biomet, Inc. (NASDAQ:BMET ) and Kensey Nash Corporation (NASDAQ:KNSY ) jointly announced today that Biomet's arthroscopy subsidiary, Biomet Sports Medicine, Inc., has signed an exclusive marketing and distribution agreement for OrthoFill(TM), a proprietary resorbable bone void filler. Kensey Nash received regulatory clearance for OrthoFill(TM) Bone Void Filler in September 2006. Under the agreement, Biomet will market and distribute, and Kensey Nash will manufacture the product. Terms of the agreement were not disclosed.
OrthoFill(TM) is a unique implant manufactured from Kensey Nash's proprietary Porous Tissue Matrix Technology (PTM(TM)), which creates foamed scaffolds suited for tissue engineering applications. The OrthoFill(TM) product utilizes several resorbable biomaterials including a proprietary collagen formulation, synthetic polymer and ceramic. This unique design creates a structure that is optimized for specific types of bone void filling indications.
Further, OrthoFill(TM) utilizes a material composite similar to Kensey Nash's proprietary tissue engineering implant designed to repair damaged articular cartilage in the knee and other articulating joints, currently being evaluated in pre-clinical research. Biomet Sports Medicine and Kensey Nash have agreed to work together to advance the research and development of Kensey Nash's cartilage repair matrix, and will cooperate in future pre-clinical studies.
Surgeons in the United States perform more than 500,000 procedures annually to repair damaged cartilage in the knee. Unlike other tissue types, cartilage possesses a limited capacity to heal.
David A. Nolan, Jr., President of Biomet Sports Medicine commented, "We are pleased to announce our exclusive agreement with Kensey Nash to market and distribute their proprietary OrthoFill(TM) Bone Void Filler. They are well known as an innovative pioneer in the field of biomaterials. Additionally, we look forward to partnering in the advancement of research for Kensey Nash's cartilage repair matrix to produce an improved clinical solution for articular cartilage defects."
"As a well-established company, Biomet will be an excellent partner for marketing and distributing our OrthoFill(TM) Bone Void Filler," stated Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. "We look forward to utilizing our unique biomaterial technologies in future collaborative efforts with Biomet for creating a sophisticated articular cartilage repair product."
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 devices, including orthopedic joint replacement devices, bone cements and accessories, autologous therapies and dental reconstructive implants; 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.
About Kensey Nash
Kensey Nash Corporation is a leading medical technology company providing innovative solutions and technologies for a wide range of medical procedures. The Company provides an extensive range of products into multiple medical markets, primarily in the endovascular, sports medicine and spine. Many of the products are based on the Company's significant expertise in the design, development, manufacturing and processing of absorbable biomaterials, which has led to partnerships to commercialize technologies. Kensey Nash has also commercialized a series of innovative embolic protection and thrombectomy products through its own direct endovascular sales force. The Company is known as a pioneer in the field of arterial puncture closure, as the inventor and developer of the Angio-Seal(TM) Vascular Closure Device, which is licensed to St. Jude Medical, Inc.
This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such statements. For Biomet, such risks and uncertainties include our ability to develop and market new products and technologies in a timely manner, the effect of the pending merger on Biomet's business and its relationship with customers, distributors, employees and suppliers and the risk factors as set forth from time to time in Biomet's filings with the SEC. For Kensey Nash, such risks and uncertainties include our success in launching endovascular products into the marketplace, our dependence on three major customers, and additional risks as set forth in the Kensey Nash's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by either company that their objectives will be achieved. Neither company undertakes any obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Biomet, Inc
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