Covalon Announces $14 Million in New Contract Orders in the Middle East
September 05 2017 - 8:00AM
Business Wire
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV:
COV), an advanced medical technologies company, today announced
that it has received $14 million of new orders under exclusive
contracts that it has won in the Middle East. The contract orders
have been received as a result of the Company being granted major
contracts to supply several of its advanced dressing products to
Ministry of Health facilities in Saudi Arabia and other Gulf
Cooperation Council (“GCC”) countries. The contracts were awarded
to Covalon following a competitive bidding process that resulted in
physicians selecting Covalon’s ColActive Plus product line as its
exclusive advanced collagen wound dressing and selecting Covalon’s
antimicrobial IV Clear vascular access dressing.
“These contract wins are a further validation of our superior
products, as well as our ability to grow Covalon’s business in the
region,” said Brian Pedlar, Covalon’s Chief Executive Officer. “Our
continued strong position within key hospitals and clinics is
having a positive impact in helping us grow our business in the
Middle East in other sales channels. We are very pleased with our
renewed success in Saudi Arabia and the GCC.”
IV Clear has been used as the exclusive antimicrobial vascular
access dressing in all Ministry of Health facilities in Saudi
Arabia over the past year. The strong antimicrobial performance of
IV Clear combined with its ability to provide pain-free dressing
changes has made IV Clear very popular with both patients and
clinicians in Saudi Arabia. ColActive Plus has also been used as
the exclusive collagen advance wound care dressing for treating
chronic wounds in all Ministry of Health facilities in Saudi Arabia
over the same period, following Covalon being awarded exclusive
annual contracts in August 2016.
“The Saudi Arabian key opinion leaders selected our ColActive
Plus product because of its efficacy in helping to heal chronic,
diabetic wounds,” said Pedlar. “The clinical feedback we have
received over the past year has demonstrated that ColActive Plus
has helped save numerous patients from amputation of limbs, which
resulted in better quality of life for patients and cost savings
for the medical system.”
In addition to ColActive Plus, Covalon markets a full line of
advanced wound management dressings for both acute and chronic
wounds under its CovaWound brand. As well, Covalon is also the only
provider of a dual antimicrobial silicone adhesive technology used
in its IV Clear and SurgiClear brands of infection management
dressings. Both of these product lines offer superior efficacy in
helping to prevent infections and medical adhesive skin injuries,
while providing total insertion or incision site visibility to the
healthcare provider.
The Company expects to begin deliveries under these contracts
before the end of September and continue through to the end of
fiscal 2018.
About Covalon
Covalon Technologies Ltd. researches, develops and
commercializes new healthcare technologies that help save lives
around the world. Covalon's patented technologies, products and
services address the advanced healthcare needs of medical device
companies, healthcare providers and individual consumers. Covalon's
technologies are used to prevent, detect and manage medical
conditions in specialty areas such as wound care, tissue repair,
infection control, disease management, medical device coatings and
biocompatibility. To learn more about Covalon, visit our website at
www.covalon.com
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Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains forward-looking statements which
reflect the Company's current expectations regarding future events.
The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan,
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result "may", "will", "should", "could" or "might" occur or be
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in predicting product approvals, acceptance of and demands for new
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competitors, delays in developing and launching new products, the
regulatory environment, fluctuations in operating results and other
risks, any of which could cause results, performance, or
achievements to differ materially from the results discussed or
implied in the forward-looking statements. Many risks are inherent
in the industry; others are more specific to the Company. Investors
should consult the Company's ongoing quarterly filings for
additional information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. The Company assumes no
obligation to update or alter any forward-looking statements
whether as a result of new information, further events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170905005592/en/
Covalon Technologies Ltd.Brian Pedlar, CEOEmail:
bpedlar@covalon.comPhone: 905-568-8400 x 233Toll free:
1-877-711-6055Web site: www.covalon.comTwitter: @covalon
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