Derma Sciences Achieves Key MEDIHONEY® Sales Milestone
August 08 2011 - 7:00AM
Business Wire
Derma Sciences, Inc. (“Derma Sciences” or “the Company”)
(Nasdaq: DSCI), a medical device and pharmaceutical company focused
on advanced wound care, today announced it has achieved a key
MEDIHONEY® sales milestone and is now on a greater than $7.0
million annual sales run rate. Under the terms of its exclusive
worldwide licensing agreement with Comvita New Zealand Ltd., the
supplier of medical grade Leptospermum (manuka) honey, Derma
Sciences is to pay Comvita $1.0 million when the sales milestone is
reached. The cash payment will be made on August 30, 2011.
“When we finalized our licensing agreement with Comvita in
February of last year, we did not anticipate that we would reach
this sales milestone so quickly,” said Edward J. Quilty, chairman
and chief executive officer of Derma Sciences. “The rapid growth in
MEDIHONEY sales, which more than doubled in the first quarter of
this year compared with last year, is due to the expansion of our
sales team over the past year both in the U.S. and abroad and the
recognition among wound care clinicians of the excellent healing
effects of this product, both anecdotally in their own patients and
in published peer reviewed articles. With an annual run rate of
more than $7.0 million now, and the expected launch next year of
our recently 510(k)-cleared patented MEDIHONEY Hydrogel dressings,
we are looking forward to increasing our investment in dedicated
sales representatives to continue to accelerate growth not only in
our MEDIHONEY line, but in our growing portfolio of advanced wound
care products,” Mr. Quilty added.
Brett Hewlett, chief executive officer of Comvita said, “We have
been impressed by the dedication of the Derma Sciences team and
commitment of resources to make MEDIHONEY the leading brand of
honey-based dressings for the management of wounds and burns. We
are very pleased to receive this success-based milestone.”
About Derma Sciences, Inc.
Derma Sciences is a medical technology company focused on three
segments of the wound care marketplace, traditional dressings,
advanced wound care dressings, and pharmaceutical wound care
products. Its MEDIHONEY® product is the leading brand of
honey-based dressings for the management of wounds and burns. The
product has been shown to be effective in a variety of indications,
and was the focus of a positive large-scale, randomized controlled
trial involving 108 subjects with leg ulcers. Other novel products
introduced into the $14 billion global wound care market include
XTRASORB® for better management of wound exudate, and BIOGUARD® for
infection prevention. Derma Sciences has successfully completed a
Phase 2 clinical trial in diabetic foot ulcer healing with DSC127,
a novel pharmaceutical drug under development for accelerated wound
healing and scar reduction. For more information please visit
www.dermasciences.com.
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"could," "estimate" or "continue" are intended to identify
forward-looking statements. Readers are cautioned that certain
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cause such results to differ materially from any forward-looking
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affect the Company's results include, but are not limited to,
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commercialization or technological difficulties, the success or
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differences between the Company's actual results and
forward-looking statements include but are not limited to, those
discussed in the Company's filings with the U.S. Securities and
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