CryoLife and Misonix Enter Into Distribution Agreement for NeoPatch
ATLANTA, Dec. 19, 2019 /PRNewswire/ -- CryoLife, Inc. ("CryoLife"; NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today that it has entered into an agreement whereby Misonix (NASDAQ: MSON) will have exclusive US commercialization rights for CryoLife's NeoPatch product to treat a broad range of indications outside of cardiac and vascular surgery.
NeoPatch is a dehydrated and terminally sterilized chorioamniotic allograft derived from human placental membrane. It is prepared using a proprietary process that maintains intact, native-state amnion and chorion layers and high levels of bioactive compounds, while also yielding a strong, uniform and adherent allograft that is less brittle than other amniotic allografts. NeoPatch can be used in advanced wound care applications as a "skin substitute" for chronic wounds, such as diabetic foot ulcers and venous leg ulcers, in orthopedic applications as an anti-adhesion barrier and in a variety of other surgical applications such as nerve and tendon repair. The estimated market opportunity for skin substitutes in advanced wound care in the United States exceeds $2 billion.
Pat Mackin, Chairman, President, and Chief Executive Officer of CryoLife, said, "Misonix is the perfect partner to commercialize NeoPatch due to its knowledge and expertise in the wound care business. We expect to commence supplying NeoPatch to Misonix on a pilot basis beginning in the first quarter of 2020, with a full commercial launch in the second quarter. The clinical data for NeoPatch in wound closure, coupled with our securing high-cost reimbursement, will allow for a successful launch of NeoPatch."
Stavros Vizirgianakis, Chief Executive Officer of Misonix, commented, "We are excited to add an additional product offering in the Wound Biologics market and pleased to enter into this agreement with Cryolife, a leading medical device and implantable tissue provider. NeoPatch is very complementary to our existing wound franchise, including SonicOne and TheraSkin, and will serve as a new source of growth for the Company. This agreement further demonstrates the strength and potential of Misonix's expanding wound offering and sales and distribution capabilities following the acquisition of Solsys Medical earlier this year. Looking ahead, we intend to further grow our wound care portfolio via both in-house initiatives as well as licensing and acquisition arrangements that further leverage our channel to market, which provide healthcare practitioners and patients with improved outcomes."
Terms of the Agreements
Under terms of the agreements, CryoLife will supply NeoPatch to Misonix for wound care, hand, foot and ankle, orthopedic and neurosurgery applications. Pursuant to the agreement, which has a three-year term with automatic renewal provisions, Misonix is obligated to make minimum purchases over the life of the agreement.
Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair. CryoLife markets and sells products in more than 100 countries worldwide. For additional information about CryoLife, visit our website, www.cryolife.com.
About Misonix, Inc.
Misonix, Inc. (Nasdaq: MSON) designs, manufactures and markets minimally invasive ultrasonic medical devices used for precise bone sculpting, removal of soft and hard tumors and tissue debridement, primarily in the areas of neurosurgery, orthopedic surgery, plastic surgery, wound care and maxillo-facial surgery. The Company combined its SonicOne wound debridement application with the recently acquired TheraSkin product, a leading cellular skin substitute indicated for all wound treatments. The Company's sales force operates as two divisions, Surgical (Neuro and Spine Applications) and Wound. At Misonix, Better Matters to us. That is why throughout the Company's history, Misonix has maintained its commitment to medical technology innovation and the development of products that radically improve patient outcomes. Additional information is available on the Company's web site at www.misonix.com.
Forward Looking Statements
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include statements about the relevant markets and market opportunities, the timing of pilot and full commercial launches, reimbursement, and the Companies potential growth opportunities. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These risks and uncertainties include the risk factors detailed in the Companies' respective Securities and Exchange Commission filings, including their respective Form 10-K for year ended December 31, 2018 for CryoLife and fiscal year ended June 30, 2019 for Misonix. Neither CryoLife, nor Misonix, undertake to update their respective forward-looking statements, whether as a result of new information, future events, or otherwise.
D. Ashley Lee
Executive Vice President, Chief Financial Officer and Chief Operating Officer
Gilmartin Group LLC
Greg Chodaczek / Lynn Lewis
Chief Financial Officer
Norberto Aja, Jennifer Neuman
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SOURCE CryoLife, Inc.