Synovis Life Technologies Receives Approval to Manufacture and Ship Recently Acquired Orthopedic and Wound Care Products
ST. PAUL, Minn.–(BUSINESS WIRE)–Oct. 7, 2009– Synovis Life Technologies, Inc. (Nasdaq: SYNO) is pleased to report that its Synovis Orthopedic and Woundcare, Inc. (OWC) subsidiary in Irvine, Calif., has successfully completed its California Department of Public Health inspection, allowing OWC to manufacture and sell the OrthADAPT® Bioimplant and Unite® Biomatrix soft tissue repair products, which are used in orthopedic and wound care applications. Synovis acquired the assets of OWC in July 2009 from Pegasus Biologics.
“We anticipated this approval, and it is very good news that we can now begin to manufacture OrthADAPT and Unite products. We have already started to ship Synovis-labeled OWC products,” said Richard W. Kramp, Synovis Life Technologies president and chief executive officer. “As previously reported, we have hired 25 experienced employees covering production, regulatory and clinical affairs, quality, marketing and customer service. We have also started hiring eight direct sales representatives for our OWC products, and we expect to complete this hiring in the first quarter of fiscal 2010. We are also looking to contract with independent representatives to complete our coverage of the United States and to begin seeking qualified distributors for European Union countries.
“Many physicians are already familiar with OrthADAPT and Unite products, and we are pleased to again make these proven, clinically advantageous products available to them,” Kramp continued. “Our investment in OWC fits our long-term growth strategy of acquiring approved products that expand our presence in the growing soft tissue repair market. Synovis increased its available market potential by almost one billion dollars with this acquisition, thus almost doubling the size of the markets where we have approved products to sell.”
