Innovata plc announces Baxter International Inc. as global licensee for AdeptŪ Adhesion Reduction Solution
03 Jan 2006
Innovata plc announces Baxter International Inc. as global licensee for AdeptŪ Adhesion Reduction Solution
Nottingham, UK, 3 January 2006 - Innovata plc (LSE: IOV), the pulmonary product company, today announced that it has granted Baxter International Inc. a global licence for Adept, its adhesion reduction solution for use in abdominal, obstetric and gynaecologic surgery.
Adept is an icodextrin solution that was developed by Innovata and previously licensed to Shire Pharmaceuticals in Europe. The product is currently being reviewed by the Food and Drug Administration (FDA) for U.S. marketing approval and the outcome of the review is expected during the second half of 2006.
Adept will be marketed by Baxter's BioSurgery business, a business unit that is focused on developing and commercializing novel biomaterials such as TisseelŪ, a fibrin based adhesive for tissue repair, FloSealŪ for rapid haemostasis, and CoSealŪ, a vascular sealant.
Under the terms of this new agreement, Baxter will take over the sales and marketing of Adept effective January 2006. Innovata remains responsible for obtaining U.S. approval for Adept, while Baxter is responsible for obtaining approval in other markets, including Japan. Financial terms were not disclosed.
Kieran Murphy, Chief Executive Officer of Innovata, commented, "We are delighted to be concluding this agreement with Baxter, given the company's knowledge of icodextrin, strength in the hospital sales markets and global presence. Baxter can now capitalise on the results of the U.S. pivotal study to increase sales in Europe and eventually worldwide. Baxter's European marketing efforts will begin in earnest in January and we look forward to a roll-out of Adept in the U.S. and other markets in the months to follow."
"We believe this technology offers significant potential for growth globally and addresses a market that has been underserved for some time," said Gordon Sutherland, General Manager of Baxter's BioSurgery business. "This agreement adds another platform technology to our BioSurgery portfolio and allows us to enter the anti-adhesion market segment with a clinically proven product."
There will be a conference call for analysts today at 9.30am GMT. Please contact Mo Noonan at Financial Dynamics on 020 7269 7116 for details.
ENDS
Contacts:
Innovata plc
Tel: 0115 974 474
Kieran Murphy, Chief Executive Officer
Paul Ballington, Director of Commercial Operations
Financial Dynamics
Tel: 020 7831 3113
Sarah MacLeod / John Gilbert
Notes to Editors:
About Innovata plc
Innovata plc specialises in the development of pulmonary products for the treatment of respiratory disorders and other serious diseases. Using its proprietary dry powder inhaler and drug formulation technologies, Innovata plc has developed a substantial portfolio of 13 marketed and clinical-stage products and has partnered with a number of pharmaceutical companies including Baxter, Merck KGaA, Celltech (part of UCB) and Otsuka.
Innovata plc was formed in July 2005 when ML Laboratories PLC acquired Quadrant Technologies Limited. The company has over 90 employees of whom 65 are engaged in research and development, mainly based at Innovata's headquarters in Ruddington, Nottingham, United Kingdom. The Company is listed on the London Stock Exchange under the symbol IOV.
Adept
A number of physical barriers have been developed for use during surgery to help prevent adhesions. However, these have had limited uptake in open surgery and are generally difficult to use in laparoscopic surgery. One key challenge is that these physical barriers (gels, sprays or film-like sheets placed between neighbouring organs in the peritoneal cavity) may reduce adhesions where they are placed, but do not prevent adhesions developing elsewhere in the abdomen. The ideal adhesion-reduction agent should be easy to use in all types of surgical procedure and capable of reducing adhesion formation at the operating site and throughout the peritoneum. Ongoing research suggests that AdeptŪ (icodextrin 4%) may be closest to this ideal profile. A non-viscous liquid, Adept can be used for both open and laparoscopic surgery, and is compatible with a wide range of antibiotics used during and after surgery. Adept is simple to use, being instilled slowly at the end of surgical procedures and used during surgery as an irrigant with a 1.5 litre bag of Adept (enabling 500ml to be used during procedures with 1000ml remaining for instillation at the end of surgery).
