Healthcare Industry News: bone graft
News Release - April 30, 2007
Millenium Enters Into Asset Sale Agreement for Skelite(TM) TechnologyKINGSTON, ONTARIO--(Healthcare Sales & Marketing Network)--Apr 30, 2007 -- Millenium Biologix Corporation ("Millenium" or the "Company") (Toronto:MBC.TO ) today announced that it and its wholly-owned subsidiary Millenium Biologix Technologies Inc. ("MBTI") entered into an agreement with Medtronic of Canada Ltd. and Warsaw Orthopedic, Inc. (collectively, the "Purchasers") for the sale of MBTI's resorbable synthetic bone graft technology, Skelite(TM) to the Purchasers. Under the terms of the agreement, Millenium will receive a closing payment and may also subsequently receive certain milestone and contingent payments.
This agreement reflects Millenium's efforts over the past several months to find strategic partners or purchasers for its various technologies. A receiver will be appointed to effect the sale of the Skelite technology and the closing of that transaction is subject to the satisfaction of certain conditions, including the receipt of a vesting order from the Ontario Superior Court of Justice approving the sale.
Skelite(TM) is a synthetic bone graft comprised of an innovative, proprietary calcium phosphate chemistry with trace elements of silicon that are normally found in human bone and may offer spinal surgeons an innovative and cost effective way to achieve bone healing in complex spinal surgeries. Its porous composition has a surface that promotes new bone growth and development in the area around the construct as well as along the interface surface immediately between the patient's own tissue and the construct.
These activities match the biological performance of the body's natural remodelling process. Skelite(TM) was specifically designed to enable organized, progressive, replacement with new bone tissue, which other synthetics currently cannot provide. It is this organized, progressive, replacement characteristic that provides the potential to develop new, synthetic, load bearing, spinal indications in a market largely serviced by metallic, plastic and allogenic products today.
About Millenium Biologix Corporation
Millenium Biologix Corporation is focused on the development and commercialization of next generation cell culture and tissue engineering systems that will drive change from synthetic implants to more effective biologics-based solutions. For more information about Millenium, please visit www.millenium-biologix.com.
This press release may contain forward-looking statements, which provide our current expectations or forecasts of future events. In some cases, forward-looking statements can be identified by words such as "anticipate", "expect", "believe", "plan", "project", "forecast" or "intend" or future or conditional words such as "may", "will", "should", "would" or "could"; however, the absence of such words does not necessarily mean that a statement is not forward-looking.
The forward-looking statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including management's perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Millenium's actual results will depend almost entirely on its success in attracting financing and/or disposing of core assets. These actual results could differ materially from those anticipated in the forward-looking statements due to a number of material factors, including the level of costs and operating expenses relative to the Company's revenues, future capital requirements and the sufficiency of the Company's cash and cash equivalents, investments and other sources of funds, including financing from external sources, to meet these requirements, the value received from any assets sold, the outcome of contingencies, and other factors described in the "Risk Factors" section of our 2006 annual information form, in particular, those under the heading "Dependence on Additional Financing/Need for Additional Financing". Readers should carefully consider the factors described above and in the "Risk Factors" section in evaluating management's forward-looking statements. Other factors besides those described above and in the annual information form could also affect actual results.
Undue reliance should not be placed on these forward-looking statements. Management undertakes no obligation to update publicly any forward-looking statement to reflect circumstances or events after the date such statement was made or to reflect the occurrence of unanticipated events. Readers should, however, review the factors and risks described in the reports filed by the Company from time to time with the applicable Canadian securities commissions or similar regulatory authorities. Such additional information is available at www.sedar.com.
Source: Millenium Biologix
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