Sono-Tek Enters Into Agreement With Avior Bio Inc
MILTON, N.Y. and DURHAM, N.C., Sept. 20, 2019 /PRNewswire/ -- Sono-Tek Corporation (OTCQX:SOTK) is pleased to announce that Sono-Tek has entered into an agreement with Avior Bio Incorporated for Sono-Tek ultrasonic coating equipment to be used in the Avior product development and future manufacturing process. Avior Bio procured Sono-Tek's medical device coating machine which will be paid for through a combination of cash and Avior Bio equity. Terms of the transaction were not disclosed.
According to R. Stephen Harshbarger, Sono-Tek's President, "Avior Bio is developing a powerful technology in the nano and microparticle drug delivery arena. The Speedit™ transmucosal film technology is unlike anything else Sono-Tek has seen among its customers, and Avior is using that technology to develop its first product in the target market of chronic kidney disease (CKD). The founder and CEO of Avior, Dr. Niraj Vasisht, has a proven track record of success. We are excited to have Sono-Tek coating machinery used in the Speedit™ manufacturing process, and to be an early investor in Avior."
The CEO of Avior Bio Incorporated, Dr. Niraj Vasisht, commented, "Sono-Tek is well known for its precision medical device coating machinery. Sono-Tek's ultrasonic spray technology offers Avior the ability to make uniform and well controlled microparticles in support of our patent-pending Speedit™ technology. After working at Sono-Tek's laboratory with their talented applications engineering team, and upon successful completion of our proof-of-concept trials, we are thrilled that this custom-designed coating machine will enable Avior's clinical trial material manufacturing up to Phase II clinical program. Partnering with a long-established coating manufacturer and process application experts will help to expedite our product and process development timelines."
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability. Sono-Tek ultrasonic spray systems are proven in a wide range of precision spray applications worldwide, including implantable medical device coatings such as stents, printed circuit board spray fluxing, semiconductor coatings, solar and fuel cell manufacturing, thin film glass deposition, food and other industrial coatings applied to any width production lines. Sono-Tek's environmentally friendly ultrasonic spray systems feature up to an 80 percent reduction in spray material, and dramatic reductions in waste and energy consumption.
Avior Bio Incorporated, located in Durham, North Carolina, is a clinical stage, pharmaceutical company developing drugs for distressed neurological conditions. Avior has developed a powerful, patent-pending delivery technology called Speedit™ transmucosal drug delivery technology where nano- and microparticles of drug reside on the surface of an oral transmucosal thin film. Using Speedit™ technology, Avior is positioned to develop products that bring unsurpassed value in efficacy and safety. Avior's lead candidate – AV104 – is targeted for treatment of a dermatological morbidity condition manifested by Chronic Kidney Disease associated Pruritus (CKD-aP) resulting in itchy, scaly, excoriated nodules on the skin (Prurigo Nodularis). The condition is often seen in patients undergoing hemodialysis for CKD, and estimates of over 2 million patients suffer from CKD associated Pruritus (CKD-aP) from Stage III to V of the end stage renal disease (ESRD) with no FDA approved therapies currently available.
Avior is seeking approval of AV104 through an NDA submission in 2Q2023 via a 505b2 regulatory roadmap. Avior has been funded by several private investors, including Quality Chemical Laboratories, National Institute of Health, and North Carolina Biotechnology Center (NCBC).
For further information about Sono-Tek, visit our website at www.sono-tek.com.
For further information about Avior Bio Incorporated, visit their website at www.AviorBio.com.
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting our operations or the demand for our products; successful development of Avior Bio Incorporated's Speedit™ transmucosal film and increased valuation of Avior Bio Incorporated's capital stock; timely development and market acceptance of new products; adequacy of financing; capacity additions, the ability to enforce patents, acceptance of our ultrasonic spray coating systems for anti-microbial applications; continued penetration into the food coating market and the ability to achieve increased sales volume at projected levels and continued profitability. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
SOURCE Sono-Tek Corporation