Published: March 12, 2010
Medafor Inc. Signs Long-Term Agreement with Magle Life Sciences
MINNEAPOLIS and STOCKHOLM - (BUSINESS WIRE) - Medafor Inc. announced today that it has signed a long-term raw material
supply agreement with Magle Life Sciences of Sweden, the supplier of the
key powder component for Medafor's patented MPH(R) (Microporous
Polysaccharide Hemosphere) surgical product, which is used by surgeons
to control bleeding in complex surgical operations. Magle manufactures
the degradable starch microsphere (DSM-A) specified and tailor made to
achieve rapid hemostasis in the human body.
Gary Shope, CEO of Medafor, said, "Magle is an important partner in the
ongoing development of our unique hemostatic product, and we are
delighted to continue our relationship with them. This agreement ensures
that Medafor will have a quality supply from a strong, reliable partner
as we further our global growth strategy and continue providing this
valuable technology to surgeons, hospitals and patients all over the
world."
Under the agreement, Magle will continue to exclusively supply Medafor
with the DSM-A product for the next ten years and has transferred
ownership rights to the DSM-A technology and manufacturing process to
Medafor in exchange for cash and 1.8 million shares of Medafor common
stock. Other specific terms of the agreement are confidential.
Eddie Thordarson, CEO of Magle, commented, "We are thrilled to continue
our partnership with Medafor and its outstanding management team. This
important transaction assures that the talented people at Magle and
Medafor can continue to engage in a long-term collaborative effort to
develop and enhance applications of the MPH product."
Medafor's patented MPH absorbable hemostatic agent is a plant-based
microporous, polysaccharide, flowable powder that is instantly ready to
use, requires no mixing, no addition of patient blood or other
components and no special handling or storage conditions.
About Medafor Inc.
Medafor is a privately held Minnesota corporation based in Minneapolis.
Medafor was founded to develop applications and markets for its
patented, plant-based, flowable hemostatic powder technology. MPH(r) is
a microporous, polysaccharide hemostatic agent that is engineered to
rapidly dehydrate blood and accelerate clotting. Medafor received FDA
approval for surgical use in 2006 and has held a CE Mark approval since
2003.
About Magle Life Sciences
Magle is a privately held Swedish R&D company with a focus on in-vivo
degradable polysaccharides for biomedical applications. Together with
the very important MPH product, products from Magle are currently used
in Spherex, indicated for Hepatocellular Carcinoma, and Phadebas®, used
in Forensic Biology. Magle is certified according to ISO13485 and holds
a GMP certificate for the production of pharmaceuticals.
Media:
Kekst and Company
Lyndsey Estin, 212-521-4800
lse@kekst.com
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