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Kensey Nash Announces a Manufacturing Agreement with and Minority Investment in Orteq Sports Medicine
Date:1/3/2011

EXTON, Penn., Jan. 3, 2011 /PRNewswire/ -- Kensey Nash Corporation (Nasdaq: KNSY), a regenerative medicine company, announced it has entered into a manufacturing agreement with, and made a minority equity investment in, Orteq Sports Medicine, a medical device company specializing in the field of biodegradable polymer technology for meniscus repair.

Orteq, with headquarters in London, UK, created Actifit®, a biocompatible synthetic meniscal scaffold offering sports medicine surgeons a new arthroscopic option for the treatment of irreparable partial meniscal tears.  Orteq expects to receive FDA approval to start its Actifit® clinical trial in the U.S. in 2011.  Actifit® received its CE Mark approval in 2008 and is currently available throughout Europe.

The FDA approval of the U.S. clinical trial will trigger an additional $1 million investment in Orteq, which will, on a cumulative basis, total approximately $5 million which includes the exclusive worldwide manufacturing rights and represents an approximate 10% ownership in Orteq.

Under the terms of the manufacturing agreement, Kensey Nash will receive a transfer price and royalties.  Other terms of the agreement were not disclosed.

"Kensey Nash is very pleased to work with the talented and innovative Orteq team and its world-renowned clinicians who have generated outstanding clinical evidence," commented Joseph W. Kaufmann, President and CEO of Kensey Nash.  "We believe Orteq's Actifit meniscus repair product can provide a safe and effective repair that will address over a $1 billion target market potential in sports medicine.  We look forward to a successful and long term relationship," he concluded.

"We are delighted that Kensey Nash Corporation has made an investment in Orteq.  The Kensey Nash team brings us world-class expertise to manufacturing and de
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SOURCE Kensey Nash Corporation
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