AdvanSource Biomaterials Corporation (NYSE Amex: ASB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced that the Company has entered into a multi-year development agreement with a leading international medical device company.
The agreement calls for the development of a specialized solution-based polymer designed to meet the key characteristics required to optimize device performance. Upon successful development of the specified polymer the Company’s will work together to finalize execution of a multi-year supply agreement which includes an annual usage fee per end-product incorporation and commercialization. Presently, the solution based polymer is being positioned for use across multiple product lines to be initiated over the next 3-5 years.
Khristine Carroll, AdvanSource’s Vice President of Sales and Marketing, stated, “This is a significant step in our vertical integration strategy, which includes our commitment to developing solution-based polymers designed to meet the specific requirements of our customers. We are very enthusiastic about the response we have received from the device industry and by the extension of partnership that an agreement such as this represents.”
Michael F. Adams, President and CEO of AdvanSource, commented, “This development agreement with an internationally recognized medical device company is the culmination of much hard work on the part of our sales and research and development teams. We believe this new development relationship is important in validating our business model; the key driver being our ability to leverage our biomaterials technology and capabilities in partnership with developers and manufacturers of medical devices.”
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