Covalon Technologies Inc. Announces Development Agreement with CareFusion Corporation
Published: Oct 26, 2009
MISSISSAUGA, ONTARIO--(Marketwire - October 26, 2009) - Covalon Technologies Ltd. (TSX VENTURE: COV), an advanced medical products company, announced that they have entered into a development agreement with CareFusion Corporation, the new specialty products company recently spun off by Cardinal Health.
The Development agreement provides that Covalon will be paid to use its technology platform and development expertise to develop and design a process that meets CareFusion's specifications.
William Jackson, Covalon Chief Business Officer, Chief Financial Officer and Co-Founder stated, "This an exciting project for Covalon because we are utilizing our patented technology platform to architect a completely new and exciting application for CareFusion. Approximately $25 million has been spent to develop Covalon's medical technology platforms. This agreement is an example of how Covalon offers its advanced medical technologies and application expertise to its customers at a fraction of the cost of what it would take for them to build it from scratch."
Dr. Frank DiCosmo, Covalon President, CEO and Co-Founder stated, "Covalon offers medical companies exactly what they need - a unique and effective medical coating technology, experienced application scientists and advanced technology transfer - in a cost-effective manner and with a significantly accelerated time to market."
CareFusion (NYSE: CFN) is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. The company develops market-leading technologies including Alaris® IV pumps, Pyxis® automated dispensing and patient identification systems, AVEA® and Pulmonetic Systems ventilation and respiratory products, ChloraPrep® and MedMined™ services for infection prevention, neurological monitoring and diagnostic products, V. Mueller® surgical instruments, and an extensive line of products that support interventional medicine. CareFusion employs more than 15,000 people across its global operations. More information may be found at www.carefusion.com.
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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Covalon Technologies Ltd.
Frank DiCosmo, Ph.D.
President & CEO
(905) 568-8400 x 246
(905) 568-5200 (FAX)