Healthcare Industry News: tissue matrix
News Release - November 15, 2007
Kensey Nash Meets Milestone Event for OsseoFit(TM) Porous Tissue Matrix(TM) Proprietary Bone Void FillerEXTON, Pa., Nov. 15 (HSMN NewsFeed) -- Kensey Nash Corporation (Nasdaq: KNSY ) announced the first commercial product kit shipment of its proprietary bone void filler OsseoFit(TM) Porous tissue matrix(TM) to Biomet Sports Medicine, Inc., the sports medicine subsidiary of Biomet Inc. The product kit will be used to expand the clinical use of the OsseoFit device beyond a select group of sites that have had access to the product to date. Preliminary surgeon response to the OsseoFit Porous tissue matrix product has been very positive and having additional product for commercial distribution will allow greater surgeon and clinical exposure. This event triggers a milestone payment, which had been planned for the current quarter.
OsseoFit Porous tissue matrix is a unique implant manufactured from Kensey Nash's proprietary Porous tissue matrix technology, which creates foamed scaffolds suited for tissue engineering applications. The OsseoFit Porous tissue matrix 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.
"Meeting this milestone is an important accomplishment in achieving full commercialization of this novel product and technology, and we are pleased to have completed this as planned," stated Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. "We look forward to the product seeing greater clinical use and to furthering our relationship with Biomet on this exciting technology."
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 markets. 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 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, 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.
OsseoFit(TM) is a trademark of Biomet Sports Medicine, Inc.
Porous tissue matrix(TM) is a trademark of Kensey Nash Corporation
Source: Kensey Nash
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