Kensey Nash Corporation (KNSY) and Arthrex, Inc. Announce European Distribution Agreement for the Cartilage Repair Device
11/10/2010 6:44:48 AM
EXTON, Pa., Nov. 9, 2010 /PRNewswire-FirstCall/ -- Kensey Nash Corporation (Nasdaq: KNSY), a regenerative medicine company, and Arthrex, Inc., a worldwide leader in sports medicine product development and educational services for orthopaedic surgeons, jointly announced an agreement for the European distribution of Kensey Nash's unique Cartilage Repair Device (CRD).
Kensey Nash's CRD technology consists of a biphasic bioresorbable scaffold intended to be implanted at the site of a focal articular cartilage lesion or osteochondral defect in the knee. The product is CE Marked and indicated to support the regeneration of hyaline cartilage and subchondral bone by promoting the correct cellular morphology and structural organization during the healing process. Currently, the CRD is the subject of an FDA approved pilot clinical trial and not yet approved for sale in the US.
Pursuant to the agreement, Kensey Nash will exclusively supply the CRD to Arthrex for European marketing and distribution in accordance with the Company's CE Mark approval. Other terms of the agreement were not disclosed.
"This partnership represents an important milestone as we continue Kensey Nash's mission as a developer of innovative regenerative medicine products," commented Joseph W. Kaufmann, President and CEO of Kensey Nash. "We look forward to building upon our excellent relationship with our strategic partner Arthrex, a highly respected global leader in the sports medicine industry," he concluded.
About Kensey Nash Corporation. Kensey Nash Corporation is a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology. The Company is recognized as a leader for innovative product development and unique technology in the field of resorbable biomaterials. The Company has an extensive range of products, which are sold through strategic partners in multiple medical markets, including, the cardiology, orthopaedic, sports medicine, spine, endovascular and general surgery markets.
About Arthrex, Inc. Arthrex, headquartered in Naples, Florida, is a worldwide leader in sports medicine product development and educational services for orthopaedic surgeons. Over 5,000 products for arthroscopic and minimally invasive orthopaedic surgical procedures have been developed by Arthrex and are currently marketed worldwide. For more information, visit www.arthrex.com.
Kensey Nash Cautionary Note for Forward-Looking Statements. This press release contains forward-looking statements that reflect the current expectations of Kensey Nash Corporation (the "Company") about its prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "guidance," "projection" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company's actual results to differ materially from those in the forward-looking statements including, without limitation, Arthrex's success in selling the Company's cartilage repair product pursuant to the agreement(or otherwise), the Company's success in its research and development efforts in its cartilage repair technologies programs, the success of U.S. trials with respect to the Company's cartilage repair products and completion of additional clinical trials in both the U.S. and Europe to support regulatory approval of future generations of its products, competition from other technologies, the Company's success in distributing its products into the marketplace, as well as tax and other risks associated with healthcare reform, economic conditions and foreign currency fluctuations. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's SEC filings, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
SOURCE Kensey Nash Corporation