Business
Covalon Announces Multi-year Agreement with Large Medical Distributor
Covalon Announces Multi-year Agreement with Large Medical Distributor
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 22, 2010 (Canada NewsWire Group) -- Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX-V: COV), an advanced medical technologies company, announced today that it has signed a multi-year agreement with one of the largest United States manufacturers and distributors of health care supplies and services ("Covalon's Client"). The agreement allows Covalon's Client to use Covalon's proprietary coating technology specifically on one of its products in return for an upfront payment of US$500,000 and future royalty payments. Covalon's Client provides products and services to hospitals, extended care facilities, surgery centers, home care dealers, home care agencies, physician offices and other alternate care sites.\nCovalon's team of scientists and engineers develop advanced coating technologies for medical device companies that provide unrivalled protection from hospital acquired infections.\n"This agreement is a clear demonstration of Covalon's ability to structure commercially successful relationships with major industry partners," stated Brian Pedlar, Covalon President and CEO. "We intend to continue to aggressively pursue other business development opportunities."\n"Covalon is becoming an important new product commercialization partner for many medical device companies in the industry," stated William Jackson, Covalon's Chief Business Officer. "It is very rewarding to see our clients recognize the value of our advanced coating technology offerings within their product lines."\n\nAbout Covalon\n\nCovalon Technologies Ltd. is a unique medical technologies company engaged in the research, development, and commercialization of advanced tissue repair applications, infection control, and specialized coatings for medical and consumer products. Together, our technology platforms, wound care products, and consulting services deliver a suite of cost-effective solutions to help our customers achieve product differentiation through improved patient outcomes. Our technologies address important healthcare issues such as infection control, medical device biocompatibility and healthy tissue repair. To learn more about Covalon, visit our website at www.covalon.com\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined i...