Healthcare Industry News: CryoLife
News Release - January 8, 2008
CryoLife Announces Worldwide License Agreement With Trophic Solutions, LLC for an Organ Transport Solution That Could Extend the Storage Time for Kidneys From 3 to 6 DaysATLANTA, Jan. 8 (HSMN NewsFeed) -- CryoLife, Inc. (NYSE: CRY ), a biomaterials, medical device and tissue processing company, announced today an exclusive license agreement with Trophic Solutions, LLC to develop and market products related to the cold storage and preservation of internal organs prior to transport. Under terms of the agreement, the Company will license from Trophic Solutions the right to develop, manufacture and market products and processes derived from a patent owned by Trophic Solutions, which relates to solutions containing purified antimicrobial polypeptides and/or cell surface receptor binding proteins for use for the storage and preservation of internal organs prior to transplant. In early animal and human studies, the Trophic technology has shown that kidneys may be stored for up to 6 days prior to transplant without compromising graft function rather than three days using present technology. These studies also indicate that the solution may reduce or eliminate the need for pumping kidneys, which may reduce the cost of maintaining and transporting kidneys for transplant.
Under terms of the agreement, Jonathan McAnulty, Ph.D. and Christopher J. Murphy, Ph.D., co-inventors of the patent and principals of Trophic Solutions, will consult with CryoLife regarding the development, regulatory approval, marketing and manufacturing of products developed based on processes covered by the patent. Trophic Solutions and Drs. McAnulty and Murphy will undertake, at CryoLife's expense, an additional animal study to show the efficacy of the processes covered by the patent on "at risk" kidneys. The agreement gives CryoLife the exclusive right to determine if a commercial product can be developed using the processes covered by the patent for a period of one year, which may be extended for an additional ninety days.
"CryoLife's demonstrated expertise and commitment in cryopreservation of human tissue is very important to Trophic Solutions. We believe that they are the perfect partner for developing products based on our patent, and we are very excited to announce this relationship," notes Dr. McAnulty.
"The ability to preserve kidneys in a viable state for up to six days, rather than the current limit of three days would be a significant advancement," said Steven G. Anderson, CryoLife president and chief executive officer. "Trophic Solutions' preliminary research has indicated that kidneys stored in the solution functioned at acceptable levels. This could have a positive impact on the number of kidneys that are available for transplant, not only in the United States, but worldwide. This agreement further underscores CryoLife's commitment to advancing technology for the cold storage preservation and distribution of human tissues and organs while potentially representing a significant step forward in the technology to preserve whole organs over extended timeframes," Anderson said.
About Trophic Solutions, LLC
Trophic Solutions, located in Madison, Wisconsin is a Company specializing in discovering creative solutions for use in organ preservation and transfer. Trophic Solutions brings together the expertise of Drs. Jonathan McAnulty and Chris Murphy of the University of Wisconsin and Ted Reid, Ph.D. of Texas Tech University. The Company has issued and pending patents in several countries that cover its innovative solutions.
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. The Company's BioGlueŽ Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company also distributes the CryoLife-O'BrienŽ stentless porcine heart valve which is CE marked for distribution within the European Community.
Statements made in this press release that look forward in time or that express management's beliefs, expectations or hopes, including statements regarding the expected benefits and properties of products and processes related to Trophic Solutions' patent and the Company's license agreement, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These future events may not occur as and when expected, if at all, and are subject to various risks and uncertainties. These risks and uncertainties include that commercially feasible products may not be able to be developed, that studies related to the patents' effectiveness may not derive positive results, that physicians and hospitals may not choose to utilize products developed based on the patent, that necessary regulatory approvals may not be obtained, and that such products may not perform as expected or provide all expected benefits.
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