CVT
13/11/2012 09:21
GENERAL
REL: 0921 HRS Comvita Limited
GENERAL: CVT: Comvita's Medihoney(TM) Wound Care Sales Reaches Milestone
Triggers USD$1.0 million Payment to Comvita
Global natural health and beauty products company Comvita has announced its
global licensee for Medihoney specialist wound care products, Derma Sciences
Inc., has achieved a key sales milestone of USD$10.0 million in annualized
sales of Medihoney products.
Under the terms of its exclusive worldwide licensing agreement with Comvita
New Zealand Limited, Derma Sciences will make a capital payment to Comvita of
USD$1.0 million on 30 November 2012.
This capital payment is the second milestone payment (the first was on 30
August, 2011) of USD$1.0 million under the licensing agreement entered into
in February 2010.
As well as having an equity stake (and warrants) in Derma Sciences (NASDAQ:
DSCI), which is now valued by the market at approximately USD$11 million,
under the licensing agreement with Derma Sciences Comvita receives ongoing
monthly royalty payments.
Comvita supplies medical grade Manuka honey for use in a range of advanced
wound care dressings which are sold to the professional and hospital markets
worldwide.
The license agreement also provides for Comvita to sell Derma Sciences
manufactured Medihoney products to the Over-the-Counter (OTC) and pharmacy
markets worldwide.
# Ends #
For further information:
Comvita CEO, Brett Hewlett, 021 740 160
Comvita Chairman, Neil Craig, 021 731 509
Comvita Communications Manager, Julie Chadwick, 021 510 693
Background information
About Comvita (www.comvita.co.nz)
Comvita is an international natural health and beauty products company with a
strong New Zealand heritage. We are committed to the development of
innovative natural health and wellbeing products, backed by credible
scientific research. We develop and manufacture products in the categories of
Health Care, Personal Care (Skincare and Wound Care) and Functional Foods
(Health Foods). Manuka (leptospermum) honey is at the core of the Comvita
product range and we are the largest manufacturer and marketer of this
uniquely New Zealand resource. We sell into more than 18 countries through a
network of wholesale and third-party outlets, more than 470 branded retail
outlets throughout Asia - including 400 stores in 40 cities in mainland China
and online. We have offices in New Zealand, Australia, Hong Kong, Japan,
Taiwan, South Korea and the United Kingdom
About Derma Sciences Inc. (www.dermasciences.com)
Derma Sciences is a medical technology company focused on three segments of
the wound care marketplace: pharmaceutical wound care products, advanced
wound care dressings and traditional dressings. Derma Sciences has
successfully completed a Phase 2 clinical trial in diabetic foot ulcer
healing with DSC127, an investigational pharmaceutical drug under development
for the healing of diabetic foot ulcers, and is preparing to begin Phase 3
clinical trials. 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,
BIOGUARD? for infection prevention and TCC-EZ(TM), a gold-standard treatment
for diabetic foot ulcers.
End CA:00229644 For:CVT Type:GENERAL Time:2012-11-13 09:21:40
