Healthcare Industry News: Transdermal
News Release - May 18, 2007
Ogenix Announces Intent to License EpiFLO SD(R) Technology to Minerva HealthcareCLEVELAND & SAN FRANCISCO--(HSMN NewsFeed)--Ogenix Corporation today announced that it has agreed to grant an option to license its Transdermal Sustained Oxygen Therapy (TSOT) technology for wound healing and the treatment of skin disorders to Minerva Healthcare, Inc., for worldwide (except in Canada) distribution of its EpiFLO SDŽ family of products.
Under the terms of the agreement, Ogenix will receive a predetermined upfront license fee for its products and ongoing royalties on sales of current and future oxygen therapy products. Completion of the transaction is subject to certain conditions including a definitive agreement. All ownership of Ogenix will remain unchanged.
EpiFLO SDŽ, the delivery mechanism for TSOT, is a revolutionary method of administering concentrated oxygen in an effective, economical and patient friendly wound therapy delivery system. During application, the patient is free to ambulate and can continue with normal daily living activities while being treated 24 hours per day. The technology has received FDA clearance for the treatment of certain hard-to-heal wound conditions associated with diabetes, venous stasis, post-surgical infections, amputations, bedsores, burns and skin grafts.
Under the agreement, Minerva Healthcare will serve as the commercialization arm of the Ogenix TSOT product line for wound healing and the treatment of skin disorders. Ogenix will serve as a product development source for Minerva Healthcare that will focus on the commercialization of topical products and medical devices to treat various dermatological conditions and wounds. Ogenix will continue to develop and manage new products through the FDA clearance process and Minerva will use its expertise to manage clinical trials and to commercialize products.
Ogenix sees this strategic alliance as a significant opportunity to improve the management of rigorous clinical trial and reimbursement requirements.
"Minerva has an experienced team with a proven track record in sophisticated medical product commercialization, including the conduct of clinical trials," said Sarang Sarangapani, President of Ogenix. "We, on the other hand, have proven product development expertise which has long-term value to Minerva Healthcare. It is a definite win-win situation."
Dr. Nigel Fleming, Chairman and CEO of Minerva Healthcare added, "We are very impressed with the Ogenix scientific team, its current products and its products under development. We see this licensing agreement as very strategic to our approach to innovative technology for the relief of dermal distress and discomfort."
About Minerva Healthcare
Minerva Healthcare is an emerging specialty pharmaceutical and medical device company. It is the first "pharmadevice" company that will exclusively focus on dermal discomforts, which have large addressable markets and significant unmet needs. Minerva's array of medical devices and topical drugs are designed to address a spectrum of wounds and burns that share the common biochemical pathway of oxidative stress. The majority of its patents target specific sites on this central pathway. More information may be found at www.minervahc.com.
About Ogenix Corporation
Ogenix Corporation is an emerging medical device start-up company which has developed an electrochemical oxygen concentrator that delivers oxygen to promote rapid wound healing. The Company's plan is to create and develop an expanded product line of TSOT devices for wound healing, cosmetic and related applications. More information may be obtained at www.ogenix.com.
Source: Ogenix Corp
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