Advanced Medical Solutions Grp PLC Patent Out-licensing Agreement (6488U)
26 October 2017 - 5:00PM
UK Regulatory
TIDMAMS
RNS Number : 6488U
Advanced Medical Solutions Grp PLC
26 October 2017
26 October 2017
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Advanced Medical Solutions Group and Organogenesis Inc. Enter
into Patent Out-licensing Agreement
- Organogenesis to Obtain Immediate Access to Patent and License in U.S.
- AMS to recognise $2.5 million in 2017; annual royalty on net sales until 2026
Winsford, UK, 26 October 2017: 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 recognised 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.
- Ends -
For further information, please visit www.admedsol.com or
contact:
Advanced Medical Solutions Group Tel: +44 (0)
plc 1606 545508
Chris Meredith, Chief Executive
Officer
Mary Tavener, Chief Finance Officer
Organogenesis Inc.
Angelyn Lowe, Director, Marketing Tel: +1 (781)
Operations and Communications 830-2353
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
Daniel Adams / Gary Clarence
/ Patrick Robb
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(R), LiquiBand(R) and RESORBA(R) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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