WILMINGTON, Mass.–(BUSINESS WIRE)–AdvanSource Biomaterials Corporation (NYSE Amex: ASB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced the Company has entered into a multi-year supply agreement with a leading international manufacturer of orthopedic devices.
The agreement is based upon the development and subsequent supply of a specialized aromatic polycarbonate-based material specifically targeted for applications in the orthopedic medical device market. The successful development of the specified polymer has resulted in execution of this multi-year agreement which provides for an annual usage fee per end-product incorporation and commercialization.
Khristine Carroll, AdvanSource’s Vice President of Sales and Marketing, stated, “We are very pleased at the partnership which has evolved with this customer and the commitment a long term agreement such as this demonstrates. Having the opportunity to exhibit and provide our custom synthesis capabilities to a leading innovator in the orthopedic market represents a broader entrée into the orthopedic arena, which we consider to be an important vertical market within our growth strategy. This relationship further supports what we believe to be the ongoing success of our revitalized business strategy to leverage the Company’s biomaterials technology and capabilities in partnership with developers and manufacturers of medical devices.”