Healthcare Industry News: vascular closure
News Release - August 20, 2009
Synthes and Kensey Nash Announce Strategic Agreement for Extracellular Matrix ProductsWest Chester (PA), Exton (PA), USA, Aug 20 --(HSMN NewsFeed)-- Synthes, Inc. (SWX:SYST.VX), a leading global medical device company in the orthopaedic trauma, spine, and cranio-maxillofacial markets, and Kensey Nash Corporation (NASDQ:KNSY), a leading developer and manufacturer of innovative regenerative medicine products, today announced a strategic agreement for products developed from Kensey Nash's unique extracellular matrix (ECM) technology.
Kensey Nash Corporation has developed a proprietary technology platform for processing porcine-derived extracellular matrix tissues. Under the agreement, Kensey Nash will develop and manufacture porcine dermis-based ECM products, which Synthes will market and distribute for select reconstructive surgical applications. Specific terms of the agreement were not disclosed.
The ECM products have the benefit of rapid revascularization and are therefore quickly repopulated with cells from the host tissue, ultimately converting into functional living tissue. They are to be used in a wide range of soft tissue reinforcement procedures. Among the many possible applications being examined are abdominal repairs as well as head, neck and chest plastic reconstructions.
"We are pleased to broaden our product offering with this important biomaterials technology. We look forward to our partnership with Kensey Nash in our efforts to provide our customers with innovative and effective solutions for the benefit of their patients," commented Michel Orsinger, President and CEO of Synthes.
"This partnership represents an important milestone in our plans to build upon Kensey Nash's leadership position as a developer of innovative regenerative medicine products," commented Joseph W. Kaufmann, President and CEO of Kensey Nash. "Synthes is well respected as a global leader in the medical device industry and we look forward to building a valuable franchise with a series of ECM products," he concluded.
Synthes: A leading medical device company Synthes is a leading global medical device company. We develop, produce and market instruments, implants and biomaterials for the surgical fixation, correction and regeneration of the human skeleton and its soft tissues.
About Kensey Nash Corporation
Kensey Nash Corporation is a leader in developing, manufacturing and processing resorbable biomaterial products, incorporating its proprietary collagen and synthetic polymer technology. This expertise is used to develop and commercialize its products through strategic partners. The company has an extensive range of products, which are sold in multiple medical markets, including, the cardiology, orthopedic, sports medicine, spine, endovascular and general surgery markets. 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.
For further information please contact
Gilgian Eisner, Investor Relations, Synthes, Inc.
Phone +41 32 720 4745
Joseph W. Kaufmann, President and Chief Executive Officer, Kensey Nash, Inc.
Phone +1 (484) 713-2100
Cautionary Note for Forward-Looking Statements and Restrictions Subject to US Securities Law Synthes, Inc. and Kensey Nash Corporation management (collectively the "Companies") believe certain statements in this media release may constitute "Forward-Looking Statements" within the meaning of the "Private Securities Litigation Reform Act of 1995". These statements include but are not limited to those with respect to the potential for the Companies to offer new products and market existing ones, as well as the expected sales and sales growth of the Companies. These statements are made on the basis of managements' views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from the ability of the Companies to successfully develop and introduce new products and services, market existing products and services in a competitive marketplace, changes in the economic conditions and foreign currency fluctuations that may affect the performance of the operations of the Companies.
In addition, specifically for Kensey Nash, such differences may result from Kensey Nash'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), Spectranetics' success in selling the QuickCat, ThromCat and SafeCross products, Kensey Nash's success in distributing its products into the marketplace, Kensey Nash'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, Kensey Nash's success in its research and development efforts in its cartilage repair and extracellular matrix technologies programs, Synthes' success in selling Kensey Nash's extracellular matrix products, the completion of additional clinical trials in both the U.S. and Europe to support regulatory approval of future generations of Kensey Nash's products and competition from other technologies.
In addition, changes in competitive conditions and regulatory developments may affect future business performance, and changing market conditions may affect the valuation of the Companies' securities. In addition, it should be noted that past financial and operational performance of the Companies is not necessarily indicative of future financial and operational performance.
The Companies undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For a detailed discussion of factors that could affect Kensey Nash's future operating results, please see Kensey Nash'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.
The securities of Synthes have been offered and sold outside the United States and have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"). Such securities may not be offered, sold or transferred in the U.S. or to U.S. Persons (as defined in the regulations of the Securities Act), except pursuant to a registration statement filed under the Securities Act or under an applicable exemption under the Securities Act. Hedging transactions involving such securities may not be conducted unless in compliance with the Securities Act. The Synthes securities are deemed "Restricted Securities" as that term is defined in Rule 144 under the Securities Act.
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