AdvanSource Biomaterials Announces Multi-Year Extension of License and Royalty Agreement with Access Scientific
Sep. 04, 2018
WILMINGTON, Mass.--(BUSINESS WIRE)--Sep 4, 2018--AdvanSource Biomaterials Corporation (OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced that the Company has entered into a multi-million dollar amendment of the current supply, royalty and license agreement with Access Scientific, a San Diego-based healthcare company engaged in the business of developing vascular access devices that simplify and improve minimally invasive and infusion therapy procedures. The Amendment provides for a term extension through the year 2030, with an additional multi-year extension allowance under certain conditions. It also has been extended to incorporate several Access Scientific product line extensions. This Amendment is the result of the efforts conducted by both organizations in the development of a specialized polymer and associated technique yielding significant results in unique anti-infective and anti-thrombogenic properties, which significantly reduce infection rates and deep vein thrombosis (DVT) and improve patient outcomes.
Khristine Carroll, AdvanSource’s EVP, stated “Our agreement with Access Scientific continues to grow and thrive through a clearly aligned mission, open information sharing and a tailored business approach. These efforts and our innovative partnership have provided the catalyst to jointly bring our transformational technology to the medical industry. It is with great pride that we continue to work with the Access Scientific team to deliver what we believe to be unparalleled results in the vascular access and material technology space. This is a premier example of AdvanSource’s partnership approach from startup initiation to full product commercialization.”
Speaking for Access Scientific, Dr. Steve Bierman, the company’s Founder & Chief Medical Officer, said “Our partnership with AdvanSource has been both personally gratifying to me and enormously valuable—not only for the company but also for the broader healthcare world. Chronoflex® C with BioGUARD™ is allowing patients with intravenous catheters of various kinds to experience a level of complication-free care that was previously impossible. This is a direct result of our engineers and scientists working together with the superb talents at AdvanSource to devise the finest catheter material and process ever made. We are thrilled with our extended agreement and look forward to a future of shared success with our AdvanSource partners.”
About AdvanSource Biomaterials Corporation
AdvanSource Biomaterials Corporation manufactures customizable engineered polymer materials which provide critical characteristics in the design and development of medical devices. The Company’s biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states, ranging from disposable to permanently implanted products. AdvanSource’s business model leverages its proprietary materials science technology and manufacturing expertise in order to expand product sales, royalties and license fees. More information about AdvanSource is available at: .
About Access Scientific, LLC
Access Scientific, LLC, based in San Diego, CA, is an evidence-based, infection prevention company. Access offers innovative vascular access devices designed to reduce healthcare costs and patients' risk of vascular device related complications, including bloodstream infections. See for full product offering and clinical studies.
AdvanSource Biomaterials Corporation believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2018 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180904005767/en/
CONTACT: For AdvanSource Biomaterials Corporation
Khristine Carroll, 978-657-0075
EVP – Commercial Operations
For Access Scientific
Phil Royston, 858-480-0217
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY MEDICAL DEVICES
SOURCE: AdvanSource Biomaterials Corporation
Copyright Business Wire 2018.
PUB: 09/04/2018 02:30 PM/DISC: 09/04/2018 02:30 PM