Fresenius Medical Care Executes Exclusive Interface Biologics License Agreement
Toronto, Canada, July 12, 2011 – For Immediate Release
Interface Biologics Inc. (IBI), a privately held commercial stage developer of transformative biomedical-polymer products, is pleased to announce that Fresenius Medical Care (NYSE: FMS), the worlds' largest integrated provider of dialysis products and services, has executed their option of an exclusive licensing agreement following a successful evaluation period.
In July of 2010, IBI announced the signing of a definitive license and supply agreement whereby Fresenius Medical Care was offered exclusive worldwide license to apply IBI's Endexo™ technology to various components of their dialysis circuits for treating end stage renal disease including dialyzers and blood lines. This agreement included an 8-12 month evaluation period during which Fresenius Medical Care would evaluate the manufacturing, performance and biocompatibility of the Endexo additives with their dialyzers and blood lines. This evaluation period has now been successfully concluded and Fresenius Medical Care has exercised its license option including the payment of a $2 million licensing fee.
Endexo™ is a self-locating fluoro-oligomeric additive that results in a passivating surface that reduces platelet adhesion and activation, protein adsorption and thrombus formation in medical devices, thereby reducing the need for anti-coagulants such as heparin. As an additive, Endexo™ has significant manufacturing advantages over other anti-thrombogenic coating or impregnation alternatives and does not change the mechanical or functional properties of the underlying medical device.
"We've been encouraged by the results from our evaluation period and look forward to working with Interface Biologics to finalize our testing, pursue regulatory approval and ultimately commercialize Endexo™ enhanced products from Fresenius Medical Care", commented Rice Powell, CEO of Fresenius Medical Care North America and Deputy Chairman of Fresenius Medical Care Management AG.
"This is a very significant next step for IBI as we transition from research and development to a commercial stage company" commented Tom Reeves, President and CEO of Interface Biologics. "Over 100 million blood contacting devices such as dialyzers and blood lines are used every year for the treatment of patients with chronic kidney disease. Fresenius Medical Care is the largest provider of dialysis products and by executing their option for the exclusive licensing agreement, they have indicated their confidence in the ability of our Endexo™ additives to improve the safety and effectiveness of their dialysis circuits. For IBI, the execution of the license option represents a significant financial event with the initial milestone payment and the promise of future milestone and royalty payments based on continued success."
About Interface Biologics, Inc.
Interface Biologics is a commercial stage privately held company that develops transformative biomedical polymer technology to improve the safety and effectiveness of medical devices. IBI's primary technology focus areas are anti-thrombogenic devices that reduce thrombosis without the need for heparin, anti-infective p¬olymers, and programmable combination drug delivery devices. IBI, a University of Toronto spinoff, is located at the MaRS Centre in Toronto, Canada. For more information about Interface Biologics, please visit www.interfacebiologics.com
About Fresenius Medical Care
Fresenius Medical Care is the world's largest integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure, a condition that affects more than 2 million individuals worldwide. Through its network of 2,769 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to 216,942 patients around the globe. Fresenius Medical Care is also the world's leading provider of dialysis products such as hemodialysis machines, dialyzers and related disposable products.
Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME, FME3) and the New York Stock Exchange (FMS, FMS/P). For more information about Fresenius Medical Care visit the Company’s website at www.fmc-ag.com.
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Julie Fotheringham - Partner, Hageman Communications