Business
LiquiBand Fix8® US commercialisation agreement
LiquiBand Fix8® US commercialisation agreement.
About this update from Advanced Medical Solutions Group Plc
[{"type":"text","content":"\n\n18 September 2023\n \nAdvanced Medical Solutions Group plc\n(\"AMS\" or the \"Group\")\n \nAMS signs agreement with TELA Bio, Inc. to commercialise LiquiBand Fix8® in the US under the brand name LIQUIFIX™\n \nUS launch of LIQUIFIX™ at American Hernia Society Annual Meeting on 21 September\nWinsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, today announces that it has signed an agreement to commercialise LiquiBandFix8® in the US with TELA Bio, Inc. (\"TELA Bio\"), a specialist medical technology designer and developer of innovative soft-tissue reconstruction solutions that optimise clinical outcomes, (NASDAQ: TELA).\nUnder the terms of the agreement, TELA Bio will market and distribute LiquiBandFix8® under the brand name LIQUIFIX™ via its direct specialist sales team across the United States with official launch at the American Hernia Society Annual Meeting, taking place from 21-23 September. This represents a significant commercial opportunity for AMS and TELA Bio as they enter a new addressable market estimated at $200 million.\nHeadquartered in Malvern, Pennsylvania, TELA Bio has an established and fast-growing footprint in the US market with products that focus on addressing the shortcomings of existing reinforcement materials in hernia repair, abdominal wall reconstruction and plastic reconstructive surgery. To service its growing product portfolio, TELA Bio has projected that its salesforce is expected to reach 75-80 representatives by the end of 2023. TELA Bio generated revenues of $41.4 million (+41%) in 2022 and $26.4 million (+42%) in H1 2023, with full year 2023 guidance of $60-65 million.\nThe signing of this agreement concludes a comprehensive selection process involving a number of potential partners with a broad range of strengths and marketing strategies. The outcome of this process made it clear that TELA Bio brings the right combination of strengths and attributes, with a vision and ambition that is closely aligned with and complements AMS' strategy and aspirations. \nLiquiBandFix8®/LIQUIFIX™ is already marketed in Europe and other non-US territories and delivered strong growth in these markets in 2021, 2022 and 2023 year to date. AMS' experience in commercialising the product in these markets has emphasised the impo...