MISSISSAUGA, ONTARIO--(Marketwire - October 20, 2009) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE: COV), an advanced medical products company, announced that it has signed a License Agreement as well as a Services and Supply Agreement with a division of C. R. Bard, Inc.
The agreements provide that:
-- Bard will have a license to use Covalon's technology on a number of its
-- Covalon will provide various services to Bard including assistance in
technology transfer and product supply.
William Jackson, Covalon Chief Business Officer and Co-Founder stated, "It is extremely rewarding to have collaborated with Bard over the past two years and succeeded in applying our technology on a number of their products. Bard is the market leader for such products in the marketplace. We intend to continue to work closely with Bard to support them in achieving continued success and innovation".
Dr. Frank DiCosmo, Covalon President, CEO and Co-Founder stated, "The conclusion of this deal with Bard validates our role as a technology developer and partner to leaders in the medical device field. This deal showcases our ability to work collaboratively with major medical companies on very complicated, high-value applications. We continue to be confident that the other collaborative development opportunities we are currently pursuing will translate into similar successes as this one with Bard".
Covalon Technologies Ltd. is an advanced medical products company that develops, patents and commercializes therapeutic biomaterials for wound care and surgical applications and coatings. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to medical devices to treat many critical conditions. A variety of applications for these technologies have been identified and specific products have been developed. The products offer features and benefits providing solutions to many of the problems caused by current devices and their material properties which are used by most medical device manufacturers and suppliers. The problems include infection, poor biocompatibility and microbial attachment.
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.
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