Biologics

OLYMPUS CORPORATION ANNOUNCES PLANS TO DISCONTINUE OPERATIONS FOR ITS BIOTECHNOLOGY DIVISION IN THE U.S.

Hopkinton, MA – February 28, 2014 – Olympus Corporation announced today that it plans to discontinue operations for its U.S. biotechnology division, Olympus Biotech.

 

The company expects the entire closure process to take some time to complete and it will start with the Hopkinton, MA facility.  Commercial operations and product availability will end May 30, 2014 in the United States and Canada.

 

“This was a very difficult decision and was made only after numerous alternatives for business continuation were identified and exhausted over the past year, “said David Renker, Chief Operating Officer for Olympus Biotech.  He added, “This decision   was a financial one and is not related to the performance of our OP-1® family of products.  We are proud of OP-1’s legacy in the market and its significant contributions to regenerative medicine and the quality of life in patients worldwide. In addition, we are grateful to our employees for the incredible support they have shown our biotech business throughout its history and thank them for their dedication to the business and our mission.”

 

Successfully navigating the highly regulated biotech industry and commercializing innovative biologics products requiressignificant investment.   Despite the Company’s best efforts and intentions, Olympus Corporation was not able to gain the traction necessary to build a broader regenerative medicine portfolio in the United States.  More than 200 employees will be impacted by the closure. 

                              

The company is working closely with customers and regulators to ensure that it provides product and customer support in both the medical affairs and commercial arenas as it ceases operations.  North American customers who may have questions are asked to call the customer service line at 1 (866) 476 2663.

 

About Olympus Biotech Corporation

Olympus Biotech was established in December 2010 as a wholly owned company of Olympus Corporation of the Americas. The vision of Olympus Biotech is to improve the patient Quality of Life by developing and distributing Regenerative Medicines that stimulate the intrinsic healing capacity in theliving body by the technological development of growth factors and biomaterials.

 

About Olympus

Based in Tokyo, Olympus is a global precision technology leader, designing and delivering innovative solutions in its core business areas:

  • Medical and Surgical Products: Gastrointestinal endoscopy, minimally invasive surgical products, and accessories
  • Life Science Imaging Systems: Advanced research, clinical/educational microscopes, and research/educational digital imaging systems
  • Industrial Measurement and Imaging Instruments: Industrial research, engineering, test, inspection and measuring instruments
  • Cameras and Audio Products: Digital cameras and voice recorders

 

Through this technology, Olympus focuses on enhancing people’s lives every day and helping people enjoy the continuum of life. 

 

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Contact:          Will Nikosey

kwittken + company

(908) 783-8091

olympusbiotech@kwitco.com

 

Michele Mendelson

kwittken + company

(646) 747-7163

olympusbiotech@kwitco.com

 

 

Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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One Comment

  1. What a terrible shame! OP1 is an amazing product that Stryker purchased from Creative Biomolecules several years ago. The FDA has made it extremely difficult for them. Sad to see this happen to Dave Renker, he’s a good man who I am sure did all he could to save this company.

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