Business
PAVmed Collaborates with Canon on DisappEAR™ Pediatric Ear Tubes
Executed LOI with Canon Virginia, Inc. to develop and implement commercial grade processes to manufacture molded resorbable pediatric ear tubes from aqueous
About this update from Pavmed Inc.
[{"type":"text","content":"Executed LOI with Canon Virginia, Inc. to develop and implement commercial grade processes to manufacture molded resorbable pediatric ear tubes from aqueous silk fibroin\n NEW YORK, June 03, 2020 (GLOBE NEWSWIRE) -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multiproduct medical device company, today announced the Company and global manufacturer Canon Inc.’s United States manufacturing and technology center, Canon Virginia, Inc. (“Canon Virginia”), have executed a letter of intent (the “LOI”) to consummate a series of agreements to develop and utilize Canon Virginia’s commercial grade and scalable aqueous silk fibroin molding process to manufacture PAVmed’s DisappEAR molded pediatric ear tubes for commercialization. “We are very proud to partner with such a highly-respected leading global manufacturer as Canon to develop and commercialize our DisappEAR resorbable pediatric ear tubes,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “Canon’s extensive experience and expertise in innovative and efficient production methods and its vast state-of-the-art facilities in Newport News, Virginia, make it the ideal partner to develop this groundbreaking technology for the one million children who currently undergo ear tube placement each year.” Under terms outlined in the LOI, PAVmed and Canon Virginia propose to enter into two sequential agreements covering a five-phase project culminating in the commercialization of PAVmed’s DisappEAR molded pediatric ear tubes. “Canon operates under the philosophy of Kyosei, which means ‘living and working together for the common good’,” said Toru Nishizawa, President and Chief Executive Officer of Canon Virginia, Inc. “We look forward to working together with the PAVmed team to improve the care of patients by offering our world class manufacturing and process expertise to the development and commercialization of silk-based resorbable ear tubes.” Each year, up to one million children with persistent ear infections (otitis media) or middle ear fluid collections (effusions) undergo placement of metal, plastic or latex bilateral ear tubes to drain the middle ear. This procedure, formally known as bilateral tympanostomy, is the most common pediatric surgical procedure in the United States. Up to 50% of patients require repeat surgery unde...