MISSISSAUGA, ON, Oct. 13, 2011 /CNW/ - Covalon Technologies Ltd. (the
"Company" or "Covalon") (TSXV: COV), an advanced medical technologies
company, today announced a multi-year, non-exclusive distribution
arrangement with a China-based partner to distribute ColActive® Plus Ag into the Chinese advanced wound care market. ColActive® is available for distribution and cleared for regulatory purposes in
the United States, Canada and other jurisdictions.
The agreement calls for a minimum purchase commitment of $12 million of
ColActive® Plus Ag over the term of the agreement with a minimum commitment of
$500,000 in the first 12 months following regulatory approval in China.
ColActive® Plus Ag is a patented line of collagen matrix wound dressings used to
successfully treat chronic wounds and diabetic ulcers.
Brian Pedlar, Covalon's CEO said "We are pleased to enter into this
partnership that brings our ColActive® Plus advanced wound care line of collagen dressings into the healthcare
market in China. China has the most diabetic patients of any country
with over 92 million adults suffering from the symptoms of diabetes.
ColActive® Plus Ag has been used for years in the United States as an effective
treatment for diabetic ulcer wounds. Our partner has demonstrated that
they have excellent healthcare relationships, and we look forward to
expanding this new relationship through the distribution of additional
Covalon Technologies Ltd. researches, develops and commercializes new
healthcare technologies that help save lives around the world.
Covalon's patented technologies, products and services address the
advanced healthcare needs of medical device companies, healthcare
providers and individual consumers. Covalon's technologies are used to
prevent, detect and manage medical conditions in specialty areas such
as wound care, tissue repair, infection control, disease management,
medical device coatings and biocompatibility. To learn more about
Covalon, visit our website at www.covalon.com
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that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the
Company's current expectations regarding future events. The
forward-looking statements are often, but not always, identified by the
use of words such as "seek", "anticipate", "plan, "estimate", "expect",
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. These forward-looking statements involve risk and
uncertainties, including the difficulty in predicting product
approvals, acceptance of and demands for new products, the impact of
the products and pricing strategies of competitors, delays in
developing and launching new products, the regulatory environment,
fluctuations in operating results and other risks, any of which could
cause results, performance, or achievements to differ materially from
the results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry; others are more specific to
the Company. Investors should consult the Company's ongoing quarterly
filings for additional information on risks and uncertainties relating
to these forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. The Company assumes no
obligation to update or alter any forward-looking statements whether as
a result of new information, further events or otherwise.
SOURCE Covalon Technologies Ltd.
For further information:
CEO, Covalon Technologies Ltd.
T: (905) 568-8400 x 233
F: (905) 568-5200