STOCKHOLM, Sweden, Dec. 14, 2004 (PRIMEZONE) -- Artimplant AB, a Swedish publicly traded biomaterials and orthobiologics company, and Biomet, a worldwide leader in the design, manufacture and marketing of musculoskeletal implants, have today signed a global development, license and supply agreement concerning an implant based on Artimplant's proprietary Artelon technology. The product will be used for repair of damaged soft tissue.
Artimplant will be responsible for product development and filings for regulatory approval. Biomet's responsibility will be to take the product to the market on a world-wide basis.
Product development is under way and it should be possible to launch an Artelon-based tendon augmentation solution to the market by the end of 2005.
Artimplant's revenues will come from sales of finished products to Biomet and a royalty on Biomet's net sales to its customers. Also, Artimplant receives upfront and milestone payments at signing of the agreement, at regulatory approval, and at completion of marketing trials in the U.S.
"We are extremely satisfied to partner with Biomet, which certainly is a preferred partner and one of the major players in the important and rapidly growing orthopedics market. We will develop a product that meets considerable unmet clinical needs in the field of orthopedics and, specifically, sports medicine," says Artimplant's CEO, Tord Lendau.
For additional information, please contact: Tord Lendau, CEO, phone +46 (0)31 746 56 00, +46 (0)708 369 403, tord.lendau@artimplant.se Web site: www.artimplant.com
Artimplant's mission is to develop novel biodegradable materials and implants that meet the needs of patients, physicians and healthcare providers in orthopedics and other therapy areas. The company works together with global partners as a center of excellence in this development. Artimplant's vision is to become the partner of choice in biomaterials for hard and soft tissue repair in multiple therapy areas. Artimplant is a public company, listed on the Stockholm Exchange, O-list.
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