Healthcare Industry News: St. Jude Medical
News Release - August 7, 2009
Kensey Nash Announces Agreement to Acquire Rights to OsseoFit ProductEXTON, Pa., Aug. 7 -- (Healthcare Sales & Marketing Network) -- Kensey Nash Corporation today announced an agreement whereby the Company will re-acquire the distribution rights, along with the trademark, inventory and other assets associated with the OsseoFit Bone Void Filler product line. Under the terms of the agreement, the Company and Biomet Sports Medicine agreed to terminate their existing OsseoFit distribution agreement. Pursuant to the agreement, following a brief transition period, Biomet will return distribution rights for the OsseoFit Bone Void Filler product line to Kensey Nash, including rights to future applications or indications for the technology. Kensey Nash will have, exclusive worldwide rights to the OsseoFit Bone Void Filler product line, as well as future extensions of the technology including cartilage repair.
"The OsseoFit bone void filler is an important component of our future cartilage repair business," commented Joe Kaufmann, President and CEO. "This transaction will allow us to explore a broader number of strategic alternatives with respect to the development and commercialization of our Cartilage Repair Device," he concluded.
The Company has previously announced that it had submitted an Investigational Device Exemption (IDE) application to the U.S. Food and Drug Administration (FDA) to study the use of the Company's unique biomaterials technology for treating articular cartilage defects of the knee. The clinical trial, which is expected to start later this year, will utilize the Company's Cartilage Repair Device, which consists of a proprietary bi-phasic, bioresorbable implant designed to treat chondral lesions. The Company recently submitted a design dossier for CE Mark approval for its cartilage repair device; approval is expected at the end of 2009.
About Kensey Nash Corporation. 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, including sports medicine, spine, and endovascular. 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. 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.
Cautionary Note for Forward-Looking Statements. This press release contains forward-looking statements that reflect the Company's current expectations about its prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "would," "forecast," "believe," "guidance," "projection" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company's actual results to differ materially from those in the forward-looking statements including, without limitation, current economic conditions, foreign currency fluctuations, risks associated with the Company's continued research and development efforts with respect to the endovascular products (including the risk that those efforts will not be successful and that some of the associated milestone payments will not be received) and Spectranetics' success in selling the ThromCat(TM) and SafeCross(TM) products, as well as the Company's success in distributing its products into the marketplace, the Company's dependence on four major customers (St. Jude Medical, Arthrex, Orthovita and Spectranetics) and their success in selling Kensey Nash related products in the marketplace, the impact of product recalls and other manufacturing issues, the Company's success in its research and development efforts in its cartilage repair and extracellular matrix technologies programs, the completion of additional clinical trials in both the U.S. and Europe to support regulatory approval of future generations of our products and competition from other technologies. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's SEC filings, including the disclosure under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Source: Kensey Nash
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