Attached files
| file | filename |
|---|---|
| 8-K - DERMA SCIENCES, INC. | v175589_8k.htm |
| EX-10.4 - DERMA SCIENCES, INC. | v175589_ex10-4.htm |
| EX-10.3 - DERMA SCIENCES, INC. | v175589_ex10-3.htm |
| EX-10.5 - DERMA SCIENCES, INC. | v175589_ex10-5.htm |
| EX-10.02 - DERMA SCIENCES, INC. | v175589_ex10-02.htm |
| EX-10.01 - DERMA SCIENCES, INC. | v175589_ex10-01.htm |
Exhibit
99
Derma
Sciences Finalizes Licensing Agreement for Worldwide Rights to
MEDIHONEY®
PRINCETON, NJ, February 25,
2010 – (PR Newswire) — Derma Sciences, Inc. (NASDAQ: DSCI), a specialty
medical device/pharmaceutical company focused on advanced wound care, today
announced that it has finalized a definitive set of agreements with Comvita New
Zealand Ltd. (Comvita) of Paengaroa, New Zealand, giving Derma Sciences
perpetual and exclusive worldwide licensing rights for Medihoney® professional
wound care and skin products covering distribution and sales to all markets
outside of the over the counter (OTC) market.
In
addition to a License Agreement and Restraint Agreement, Derma Sciences and
Comvita also entered into several other related agreements, including a
Collaborative Research and Development Agreement, a Medical Honey Supply
Agreement, and a Manufacturing Agreement pursuant to which Derma Sciences will
manufacture Medihoney® brand OTC products for Comvita.
Pursuant
to the License Agreement and related Restraint Agreement, Derma Sciences will
pay to Comvita $2.25M in U.S. dollars, issue Comvita 400,000 shares of its
common stock, issue Comvita 133,333 warrants to purchase its common stock at an
exercise price of $5.50 per share, and issue to Comvita 100,000 warrants to
purchase its common stock at a price of $6.25 per share.
In
addition, the License Agreement calls for royalty payments on all sales and
additional payments to Comvita if certain Medihoney® net sales milestones are
achieved over the course of the License. The license rights may be terminated or
rendered non-exclusive by Comvita if Derma Sciences fails to meet certain
minimum royalty requirements.
Edward J.
Quilty, Chairman and CEO of Derma Sciences, said, “Ever since our Medihoney®
product launch in 2007 into North and South America, Derma Sciences has
experienced great success with this product. With this license
agreement now finalized, we can focus on expanding our global strategy and
growing the Medihoney® brand worldwide.”
Comvita
CEO Brett Hewlett said, “Comvita and Derma Sciences have worked long and hard to
get this agreement in place, and we are very happy to have overcome the
obstacles created by the global economic downturn. Derma is the best
possible partner for us because of its deep knowledge of the Advanced Wound Care
markets, and sophisticated use of MEDIHONEY® in dressings.”
At its
meeting on February 18, 2010, Mr. Hewlett was appointed to Derma Sciences’ Board
of Directors.
About
Derma Sciences, Inc.
Derma
Sciences is a global manufacturer and marketer of advanced wound care products.
Its key product, MEDIHONEY®, is the leading brand of honey-based dressings for
the management of wounds and burns. The product has been shown to be effective
in a variety of indications, and was the focus of a positive large-scale
randomized controlled trial on leg ulcers. Other key novel products introduced
into the $14 billion global wound care market include XTRASORB™ for better
management of wound exudate, and BIOGUARD™ for infection
prevention. Derma also has in development DSC127, a novel
pharmaceutical for accelerated wound healing and scar
reduction. DSC127, an angiotensin analog, has shown positive healing
results in multiple pre-clinical animal models. One possible mode of
action of the drug is the up-regulation of mesenchymal stem cells at the wound
site. Derma expects to announce the endpoint results from this study
during Q3 of 2010.
About
Comvita New Zealand Ltd.
Comvita
is a premium healthcare product and life sciences company established in 1974 by
Claude Stratford and Alan Bougen. Its raw materials are mainly honey products
and other bee-related products such as pollen and the antibacterial resin
propolis. Goods are processed locally in two purpose-built manufacturing
facilities and distributed globally.
The
manufacture and distribution of premium grade Manuka honey is one of Comvita's
core activities, and the honey is sold in thousands of health stores and other
retail outlets around the globe. Comvita is also diversifying into other natural
health care lines.
Forward-Looking
Statements
Statements
contained in this release that are not statements of historical fact may be
deemed to be forward-looking statements. Without limiting the generality of the
foregoing, words such as "may," "will," "expect," "believe," "anticipate,"
"intend," "could," "estimate" or "continue" are intended to identify
forward-looking statements. Readers are cautioned that certain important factors
may affect the Company's actual results and could cause such results to differ
materially from any forward-looking statements which may be made in this release
or which are otherwise made by or on behalf of the Company. Factors which may
affect the Company's results include, but are not limited to, product demand,
market acceptance, impact of competitive products and prices, product
development, completion of an acquisition, commercialization or technological
difficulties, the success or failure of negotiations and trade, legal, social
and economic risks. Additional factors that could cause or contribute to
differences between the Company's actual results and forward-looking statements
include but are not limited to, those discussed in the Company's fillings with
the Securities and Exchange Commission.
Contact:
Derma
Sciences, Inc.
John E.
Yetter
Vice
President and CFO
jyetter@dermasciences.com
(609)
514- 4744
The
Investor Relations Group
212-825-3210
Jason
Strominger (Investor Relations)
Janet
Vasquez (Media Relations)