Prollenium Medical Technologies Bucks Market Trend; Increases Expenditures on Product Development and Global Distribution Activities
Published: Mar 19, 2009
AURORA, ONTARIO--(Marketwire - March 19, 2009) - Prollenium Medical Technologies, Inc, (www.prollenium.com) an emerging growth company in the high stakes anti-aging and aesthetics industry reports that the Company will boost spending in 2009 on major product development programs and FDA test protocols currently underway for its Revanesse® Ultra hyaluronic acid based dermal filler.
In addition, the Company's Vice-President and co-founder, Khasha Ighanian says that Prollenium Medical will substantially increase its expenditures on expanding it's global marketing and distribution network through its publicly traded Dutch affiliate, AuraGenix N.V.
The Company recently announced that it has signed a licensing and product development agreement with the Leslie Dan Faculty of Pharmacy at the University of Toronto. The Agreement focuses on the commercialization of a new dermal filler based on the University of Toronto's invention of an injectable polymer for localized delivery, and the development of a totally unique dermal filler using new biomaterials or combinations thereof.
"This agreement forges a partnership of unusual scope and dimension with the University of Toronto's formidable pharmaceutical research facilities which have long been recognized for some of the most dramatic and important breakthroughs in pharma science. Once this new dermal filler product line is ready for commercialization, the Prollenium/AuraGenix organization will have one the most novel and unique dermal fillers on the global marketplace. This will give us a tremendous leverage over competitors in every market we serve in North America, Europe and Asia." explains Mr. Ighanian.
Separately, the Company continues to invest heavily in its FDA program for Revanesse® Ultra. "We're making excellent progress and have already passed a first tier review by the US FDA. Work on a second module is currently underway. We're hoping to complete the approval process by Fall" Adds Mr. Ighanian.
Mr. Ighanian says that "Over the near term, we will report on the significant progress we continue to garner in key International markets through expansion of our global distribution network in Europe, Asia and South America via our Dutch based affiliate, AuraGenix N.V. Over the past 12 months we have increased our global presence to 50 countries worldwide".
Since its inception in 2002, Prollenium's rapid growth has been recognized in the Annual PROFIT 100 ranking of Canada's Fastest Growing Companies published annually in the June Issue of PROFIT and online at PROFIT100.COM. Prollenium Medical Technologies is the only Canadian medical device company to make the PROFIT 100 listing in the 2008 ranking.
Prollenium Medical Technologies, Inc. is a privately held company headquartered in Aurora, Ontario. Prollenium Medical is in the business of designing, developing, manufacturing and marketing for the global marketplace, proprietary and uniquely formulated specialty pharma products keyed to the anti-aging and facial aesthetic (image enhancement) marketplace. The Company's REVANESSE® line of hyaluronic acid based dermal fillers are administered by trained dermatologists, plastic surgeons and other clinical specialists for the purposes of fostering and enhancing skin repair and skin augmentation. Since its introduction in 2006, REVANESSE® has become well recognized as a long lasting dermal filler that will erase fine lines and wrinkles, smooth deep folds and give lips a natural, fuller look.
Prollenium's Affiliate, AuraGenix N.V. (www.auragenix.com) is based in Amsterdam, The Netherlands, and provides exclusive global distribution of Prollenium's Revanesse® family of dermal fillers and other proprietary products, through a wholly owned subsidiary, AuraGenix BioPharma Ltd., Malta.
Shares of AuraGenix N.V. are listed on the Open Market segment, Frankfurt Exchange. A public offering of AuraGenix shares was not made in connection with their inclusion on the Open Market Frankfurt.
The Prollenium/AuraGenix organization will jointly serve as Silver Sponsor for The Anti-Aging Medicine World Congress, March 19-21 in Monte Carlo, Monaco (Booth #K12).
Michael S Wexler