Healthcare Industry News: Baxter International
News Release - July 10, 2007
Spinal Restoration and Baxter Announce Agreement for Developing Spinal Disc ApplicationPartnership Includes an Exclusive Agreement for Current and Next Generation Baxter Products
AUSTIN, Texas--(HSMN NewsFeed)--Spinal Restoration and Baxter Healthcare Corporation (NYSE:BAX ) have entered into an exclusive, long-term partnership to develop and commercialize Biostat BIOLOGX(TM) Fibrin Sealant, a key element of Spinal Restoration's new biologic therapy for chronic low back pain. Baxter's fibrin sealant will be combined with the Company's proprietary technologies to create the Biostat(TM) Disc Augmentation System, a minimally invasive product that will be developed and tested for the treatment of painful degeneration of intervertebral discs.
Biostat BIOLOGX Fibrin Sealant will be developed to augment the healing and repair of painful defects within the intervertebral disc area of the spine. The product is intended to exploit the biologic benefits of fibrin, the human-based, protein polymer used by nature to guide and stimulate all human tissue wound repair.
Baxter is the world's leading manufacturer of fibrin sealants and one of only two companies with FDA approval to market products in the U.S.
"The therapeutic benefits of our fibrin sealants have been proven in a wide variety of clinical applications," said Ronald Lloyd, vice president and general manager of Regenerative Medicine at Baxter. "Baxter is excited to partner with Spinal Restoration to expand the application of our technologies with the potential to help the millions of people who suffer from chronic back pain."
Baxter joins an already impressive list of Spinal Restoration business partners, including its device development partner Accellent, the world's largest OEM manufacturer of medical devices, and Regulatory & Clinical Research Institute, the largest medical device CRO in the U.S. Spinal Restoration will use this partnership with Baxter to further enhance their preparation for an investigational device exemption (IDE) clinical study scheduled for the first quarter of 2008.
"We are honored to have Baxter as our partner for the development of Biostat BIOLOGX Fibrin Sealant," said Gary Sabins, President and CEO of Spinal Restoration. "Baxter's fibrin sealants have a long history of safety and clinical success and we are excited about applying the technology to create an effective non-surgical therapy for this large patient population."
About Baxter Healthcare Corporation
Baxter Healthcare Corporation is the principal U.S. operating subsidiary of Baxter International Inc. (NYSE:BAX ). Baxter International Inc., through its subsidiaries, assists healthcare professionals and their patients with the treatment of complex medical conditions, including cancer, hemophilia, immune disorders, kidney disease and trauma. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.
About Spinal Restoration
Spinal Restoration restores patients' lives by delivering new therapies that address unmet needs in spine health management. These therapies are minimally invasive, early interventions with clinically proven results. The company is working with a diverse, highly regarded group of clinical and scientific advisors to develop the Biostat(TM) Disc Augmentation System, a proprietary resorbable biologic and delivery system for the treatment of chronic disc pain.
Please visit the company on the web at: www.spinalrestoration.com.
Source: Spinal Restoration
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