Covalon Technologies Ltd. Announces Further Expansion In The Middle East

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSXV:COV), an advanced medical technologies company, today announced that it has entered additional markets in the Middle East, including Qatar, Iran and United Arab Emirates with its infection management and advanced wound care products.

“Our success in Saudi Arabia has opened the doors for Covalon to capture market share in other important countries in the Middle East”, said Brian Pedlar, Covalon’s Chief Executive Officer. “These additional markets have the opportunity to significantly increase our business in the region.”

Covalon’s flagship advanced wound care product ColActive Plus Ag has been trialed successfully over the past several months in the eight hospital system managed by Hamad Medical Corporation, the main provider of secondary and tertiary healthcare in Qatar and one of the leading hospital providers in the Middle East. Covalon expects to immediately introduce its IV Clear, SurgiClear and CovaWound product lines to Hamad Medical Corporation’s five specialist hospitals and three community hospitals in Qatar.

The Company has entered into a distribution agreement to make Covalon’s entire product line available for distribution to the Ministry of Health and private hospital systems in Iran. Covalon has also commenced the process of registering its full product line with SEHA Abu Dhabi Health Services Company, who owns and operates 12 hospitals, 62 ambulatory and primary healthcare centers, and two blood banks, across the entire United Arab Emirates.

“ColActive Plus Ag has been used successfully in Iran since 2011 in the treatment of many extremely hard to heal chronic wounds and is considered as one of the most efficacious dressings for the treatment of chronic wounds by the Professional Society of Wound Healing of Iran”, said Hamed Abbasian, Covalon’s Vice President of Business Development. “We have entered into a distribution agreement to expand the distribution of our ColActive Plus Ag product and to provide Covalon’s IV Clear, SurgiClear, and CovaWound product lines in Iran for the first time. With key opinion leaders like Dr. Massoud Ghasemi, a renowned intervention cardiologist in Iran, supporting the launch of our infection management and wound care products into the market, we see the opportunity for all of Covalon’s products to be category leaders in the Iranian healthcare market.”

Covalon offers infection management and advanced wound management dressings for both acute and chronic wounds, including its CovaWound™ ColActive® and SurgiClear™ brands that have strong clinical evidence to support their superior efficacy in helping to prevent infections in surgical procedures and in chronic diabetic foot wounds. ColActive and CovaWound when used together have the ability to rapidly promote wound closure and healing in chronic wounds, which remains an under-addressed market in Iran, Qatar and the United Arab Emirates.

About Covalon
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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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.