Business
Re Agreement
Re Agreement.
About this update from Surgical Innovations Group Plc
[{"type":"text","content":"\n \nRNS Number : 3954N Surgical Innovations Group PLC 01 September 2011 \n \n\n\n\n\n\nFor immediate release\n\n\n1 September 2011\n\n\n\n\n \n \nSurgical Innovations Group plc\n(\"SI\" or \"the Group\")\n \nDevelopment and Pre-Supply Agreement signed with \nAdvanced Medical Solutions Group plc\n \nSurgical Innovations Group (AIM: SUN), the designer and manufacturer of innovative medical devices, today announces that it has signed a Development and Pre-Supply Agreement (\"the Agreement\"), with Advanced Medical Solutions Group plc (AIM: AMS.L), 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 worldwide 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 \nAMS has indicated that the first target internal application will be the hernia mesh fixation market, which is currently served by sutures, staples and tacks. The new internal applicator, together with AMS's adhesives, will address this important market with reduced surgical complications. \n \nCommenting on this announcement, Graham Bowland, Chief Executive Office of Surgical Innovations said:\n \n\"Our agreement with AMS affirms SI's reputation in delivering leading design solutions to OEM customers. The applicator device for AMS is a natural extension to our existing minimally invasive surgical product portfolio and we have already commenced on the design work on a fully disposable product. As part of the agreement SI will retain the full intellectual property rights to the applicator device and will also manufacture it on behalf of AMS.\"\n \nChris Meredith, Chief Executive Officer of AMS added: \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 gl...