Business
Agreement with Surgical Innovations Group
Agreement with Surgical Innovations Group.
About this update from Advanced Medical Solutions Group Plc
[{"type":"text","content":"\n \nRNS Number : 3798N Advanced Medical Solutions Grp PLC 01 September 2011 \n \n\nFor immediate release: 1 September 2011\n \nAdvanced Medical Solutions Group plc\n(\"AMS\" or the \"Company\")\n \nDevelopment and Pre-Supply Agreement signed with Surgical Innovations Group plc\n \nWinsford, UK: Advanced Medical Solutions Group plc (AIM: AMS.L), the global medical technology company, today announces that it has signed a Development and Pre-Supply Agreement (\"the Agreement\") with Surgical Innovations Group plc (\"Surgical Innovations\") (AIM: SUN), for the development and supply of a novel device for internal application of adhesives and sealants.\n \nUnder the terms of the Agreement, Surgical Innovations will develop and retain the intellectual property rights for a unique applicator to deliver accurately, individual drops of adhesive or sealant internally within the body, accessed via a minimally invasive surgical port site. In return for the exclusive rights to this applicator for the internal application of adhesives and sealants, AMS has agreed to purchase all of its requirements for the approved new applicator from Surgical Innovations for a period of ten years.\n \nThe development of the internal applicator is a key step in extending the Company's expertise in adhesives and sealants from purely topical applications to also addressing clinical needs inside the body. AMS has previously highlighted that the first target internal application would be the hernia mesh fixation market which is currently served by sutures, staples and tacks. This new internal applicator, together with the Company's adhesives, will allow AMS to address this important market with reduced surgical complications.\n \nCommenting on this announcement, Chris Meredith, Chief Executive Officer of AMS said: \n \n\"This agreement combines our formulation and regulatory expertise with Surgical Innovations' applicator design and manufacturing expertise to introduce a new product to a global market for internal sealants that is now in excess of US$600 million. As we have previously indicated, an integral part of our tissue sealant and adhesives R&D is focused on moving our product range more towards the Operating Room, including internal applications. In this regard, we are optimistic that our partnership with...