WINSFORD, England and CANTON,
Mass., Oct. 26, 2017
/PRNewswire/ -- Advanced Medical Solutions Group plc (AIM: AMS.L),
the surgical and advanced wound care specialist company, and
Organogenesis Inc., a commercial leader in regenerative medicine
focused on advanced wound care and surgical biologics, today
announced the two companies have entered into an out-licensing
agreement on a U.S. patent ("Patent") for a collagen-based wound
dressing containing Polyhexamethylene Biguanide ("PHMB") ("Licensed
Product").
Under the terms of the agreement, Organogenesis has been granted
an exclusive license in the United
States to the Patent. In exchange for this, AMS will
receive a minimum payment of $2.5
million, which will be recognized in 2017, and a minimum
royalty revenue of $1 million for
each of the financial years ending 31
December 2018 and 2019, as part of an ongoing royalty that
will be payable to AMS on the net sales of the Licensed Product for
the life of the Patent. The Patent is due to expire in
October 2026.
Chris Meredith, Chief Executive
Officer of Advanced Medical Solutions, said: "We are delighted
to sign this agreement with Organogenesis, a commercial leader in
regenerative medicine, focused in the areas of bio-active wound
healing and soft tissue regeneration. The Group's ability to
out-license our patent technologies is another endorsement of the
quality of our innovation and we are confident that our partner
will be able to use the AMS patent in order to help patients across
the US."
Gary S. Gillheeney, Sr.,
President and CEO of Organogenesis Inc., said: "We are very pleased
to secure an exclusive license to this patent in the United States. This is an important
agreement for Organogenesis that underscores our commitment to
offering a comprehensive portfolio of products that addresses
patient needs across the continuum of care."
PHMB is an antimicrobial which is effective against several
bacteria including Methicillin-resistant Staphylococcus
aureus (MRSA) and Escherichia coli (E. coli). AMS's PHMB
foam was approved for marketing in Europe in 2016 and subsequently this year in
the US.
For further information, please visit
www.admedsol.com or contact:
Advanced Medical
Solutions Group plc
|
Tel: +44 (0) 1606
545508
|
Chris Meredith, Chief
Executive Officer
|
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Mary Tavener, Chief
Finance Officer
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|
|
|
Organogenesis
Inc.
|
Tel: +1 (781)
830-2353
|
Angelyn Lowe,
Director, Marketing Operations and Communications
|
|
|
|
Consilium
Strategic
Communications
|
Tel: +44 (0) 20 3709
5700
|
Mary-Jane Elliott /
Matthew Neal / Philippa Gardner / Rosie Phillips
|
|
|
|
Investec Bank PLC
(NOMAD & Broker)
|
Tel: +44 (0) 20 7597
5970
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Daniel Adams / Gary
Clarence / Patrick Robb
|
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About Advanced Medical Solutions Group plc
– see www.admedsol.com
AMS is a world-leading independent developer and manufacturer of
innovative and technologically advanced products for the global
surgical, wound care and wound closure markets, focused on quality
outcomes for patients and value for payors. AMS has a wide range of
products that include silver alginates, alginates, foams, tissue
adhesives, sutures and haemostats, which it markets under its
brands; ActivHeal®, LiquiBand® and RESORBA® as well as supplying
under white label.
AMS's products, manufactured out of two sites in the UK, one in
the Netherlands, two in
Germany and one in the
Czech Republic, are sold in more
than 75 countries via a network of multinational or regional
partners and distributors, as well as via AMS's own direct sales
forces in the UK, Germany, the
Czech Republic and Russia.
Established in 1991, the Group has approximately 600
employees. For more information, please see
www.admedsol.com.
About Organogenesis
Originally founded as a spin-off
from technology developed at MIT in
1985, Massachusetts-based
Organogenesis Inc. offers a portfolio of bioactive and acellular
biomaterials products in advanced wound care and surgical
biologics, including orthopedics and spine. Organogenesis's
versatile portfolio is designed to treat a variety of patients with
repair and regenerative needs. For more information,
visit www.organogenesis.com.
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SOURCE Organogenesis Inc.