MEMPHIS, Tenn., Jan. 30 /PRNewswire-FirstCall/ -- Smith & Nephew, Inc. (NYSE: SNN, LSE: SN) announced today that its Orthopaedics Reconstruction Division has entered into a grant administration agreement with the Orthopaedic Research and Education Foundation (OREF).
Under the agreement, Smith & Nephew's first with a third-party administrator of grants, OREF will assist Smith & Nephew in continuing its long-standing support of research and education in orthopaedics. The multi-year agreement is unique among the major joint replacement makers in that it covers graduate medical education, including fellowships and residency enhancement programs, as well as continuing medical education (CME) and research. This comprehensive approach gives Smith & Nephew a platform from which to support consistent education and innovation in orthopaedics.
"Smith & Nephew is dedicated to the advancement of orthopaedic innovation, education and patient care," said Joseph M. DeVivo, President of Smith & Nephew Orthopaedics Reconstruction & Trauma Division. "Formalizing our relationship with OREF allows Smith & Nephew to continue supporting orthopaedic research and education in a comprehensive way while working with an organization dedicated to its mission, independence, and integrity. OREF's history of working productively with many orthopaedic societies and institutions makes this an especially good choice."
Under the agreement, which has been approved by Smith & Nephew's government-appointed monitor, OREF will help Smith & Nephew establish its annual research and education support goals, ensure the highest standards of professionalism and independence for distribution of those funds, and provide regular reports on the results of those donations, including a detailed annual summary of donation distribution.
"This agreement benefits Smith & Nephew, orthopaedic researchers and educators, and most importantly, the patients who rely on quality orthopaedic care," said Dr. William Cooney, Chairman of the Board of Trustees of OREF. "This agreement will facilitate industry support for critical research and educational programs and will serve as a model for other corporations seeking to support orthopaedic research and education while avoiding conflicts of interest. We are very proud of OREF's long-standing commitment to the orthopaedic specialty, and are especially pleased to work with Smith & Nephew to move into a new era of service."
About Smith & Nephew
Smith & Nephew is a global medical technology business, specialising in Orthopaedics, including Reconstruction, Trauma and Clinical Therapies; Endoscopy and Advanced Wound Management. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The company operates in 32 countries around the world generating annual sales of nearly $3.4 billion.
OREF is a fifty-three year old independent, non-profit organization that was created specifically to receive donations from individuals and companies to foster research and education in orthopaedics. Since its inception, OREF has made approximately 3,200 grants totaling nearly $88 million to individuals and organizations. OREF's independent peer review process to evaluate grant applications is based on the standards of the National Institutes of Health (NIH).
This press release contains certain "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our trading margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
|SOURCE Smith & Nephew, Inc.|
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