Navigation Links
New Company Abyrx, Inc. Acquires Substantially All of the Assets of Orthocon and DRG; Fully-Capitalizes to Accelerate Growth of Exciting New Biosurgical Product Portfolio
Date:4/24/2013

IRVINGTON, N.Y., April 24, 2013 /PRNewswire/ -- New Company, Abyrx, Inc. ("the Company"), today announced that it has acquired substantially all of the assets of Orthocon and DRG. The Company's portfolio of products includes three FDA-cleared putties that stop bone bleeding and two applicator devices. Its advanced technology platforms are being developed to create products that support bone healing, enable re-approximation of bone surfaces, and deliver drugs to bone. The acquisition also includes Orthocon's exclusive worldwide license agreement with Bezwada Biomedical which gives Abyrx the right to develop, manufacture, and commercialize Bezwada's settable polyurethane technology for bone applications.

Orthocon's President and Chief Executive Officer, John J. Pacifico , and other senior leadership team members from Orthocon will manage Abyrx, and the Company will operate out of the facility previously occupied by Orthocon. A transition services agreement with DRG's former President and CEO, Joseph D. Jannetty , has been secured to assist with the transfer of DRG's technology and to ensure a seamless integration of DRG's manufacturing and commercial operations. Abyrx will also draw on DRG's experience with polyurethane-based surgical products as it completes the development and market introduction of Bezwada's settable polyurethane technology.

With this transaction, Abyrx is well positioned to be a leading provider in the biosurgical products marketplace. The Company has a rapidly growing proprietary distribution network, powered by KAIRUKU (www.kairuku.com), which will be used to expand the reach of its bone hemostat products, including Hemasorb and Hemasorb Apply, and two new products it plans to introduce to the market during 2013. Additional development of Abyrx's biomaterials technology platforms will enable a wide-array of advanced biosurgical products that address significant limitations of other products currently used by surgeons. Upon FDA clearance of its pipeline products, Abyrx will leverage its installed base of leading product representatives to ensure effective product training and distribution to its surgeon users. Furthermore, the Company's products and technology platforms are protected by over 30 issued and pending patents. 

Commenting on the significance of the creation of Abyrx, John J. Pacifico , Abyrx's President and Chief Executive Officer, stated, "We are very pleased by our successful combination of technology and intellectual property previously developed by Orthocon, DRG, and Bezwada Biomedical. Our team is committed to expanding the market introduction of our surgical hemostat products and to developing advanced biosurgical therapeutics that satisfy the requirements of our surgeon users and their patients. By providing a comprehensive bone hemostat product offering and solving the problems of cross-specialty distribution of these products, we created a significant opportunity to address needs in other product categories, and this will be our focus over the next several years."

Abyrx's surgical hemostat products are used by cardiothoracic, craniomaxillofacial, spine, orthopedic, neurological, and trauma surgeons and each user has unique needs. The Company is taking a portfolio approach to the marketplace by horizontally and vertically integrating across product categories that are important to its surgeon users and applicable to over 3.5 million surgical procedures each year.

David J. Hart , Abyrx's Vice President of Business Operations, shared his views about the importance of the Company's strategic approach to the market: "We recognize that there isn't always a single solution that satisfies all the needs of our surgeon users. In fact, multiple products that achieve the same objective are often required and we believe that market forces demand fully-integrated product portfolios to achieve widespread adoption and to advance surgical care. Our commercial and development products have been carefully selected to deliver optimal solutions for the distinctive needs that surgeons have identified across and within their specialties."

Terms of the transaction were not disclosed but the Company did release the names of several significant shareholders including leading international venture capital investment firm Canaan Partners, Med Edge, LLC (a portfolio company of Connecticut-based The Edge Group), and venture capital investment firm BB BIOTECH VENTURES. Joining the Abyrx Board of Directors are John J. Pacifico (President and Chief Executive Officer), Seth Rudnick , M.D. (Canaan Partners), John Sfondrini (Managing Director of The Edge Group and DRG), Joseph Kainz (DRG), and Alan Levy , Ph.D. (Independent).

 


'/>"/>
SOURCE Abyrx, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Pharmaceutical Industry Service Company Awarded The UKs Most Prestigious Business Accolade in Recognition of Outstanding Achievement in International Trade
2. Ultragenyx Relocates Company Headquarters to Support Operational Expansion
3. MediPendant™ to Return to Television on May 20th New Television Campaign - Company Provides MediPendant™ Update
4. Perrigo Company Will Release Third Quarter Fiscal 2012 Results On May 8, 2012
5. Amgen to Acquire Mustafa Nevzat, a Leading Privately Held Turkish Pharmaceutical Company
6. DiversityInc Names Lilly a Top Company for Diversity
7. International Drug & Explosives Detection Company IDenta Corp. Releases Information to OTC markets.
8. The Female Health Company Reports Second Quarter Operating Results
9. The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Gen-Probe Incorporated in Connection with the Sale of the Company to Hologic, Inc.
10. Perrigo Company to Present at the Bank of America Merrill Lynch 2012 Healthcare Conference
11. Judge Upholds $3.3 Million Judgment In Favor of Fox Insurance Company Against Former Pharmacy Benefit Manager
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... , Feb. 8, 2016  Echo Therapeutics, ... device company focused on non-invasive continuous glucose ... today announced that it will host a ... 17, 2015 at 9:00 a.m. Eastern Time ... its corporate strategy, advancements in its CGM ...
(Date:2/8/2016)... --  GS1 US will hold a series of ... Standards implementation to address the requirements of the U.S. ... rule. Scott Brown , director of ... director industry development, medical devices, GS1 US; and ... --> Scott Brown , director of ...
(Date:2/8/2016)... Kan. , Feb. 8, 2016 /PRNewswire/ ... organization that formerly specialized in the development ... recently announced that it has divided its ... Capital. While Nueterra Capital will continue the ... services, NueHealth will operate a national system ...
Breaking Medicine Technology:
(Date:2/8/2016)... ... 08, 2016 , ... A man who has struggled to quit smoking, a man who has ... determined to find solutions to his problems – and he did. Now Nabat, a serial ... to introduce his breakthrough inventions to the world and better people's lives. His own experience ...
(Date:2/8/2016)... ... 2016 , ... Steve Helwig & Associates Insurance & Financial, serving the families ... teamed up with Citizens Opposed to Domestic Abuse in support of its efforts to ... those victimized by the fear of violence in their own homes, donations may now ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... executive networking and relationship-marketing firm, announced today that nominations will be accepted ... Executive® (ISE®) West Awards. , Awards include the Information Security Executive® ...
(Date:2/8/2016)... ... February 08, 2016 , ... Discover the Rocky Mountain region’s longest running and ... companies. Attendees also get to see the most incredible gardens and home improvement ... , at the Colorado Convention Center - 700 14th St. Denver CO, is an ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... be speaking on how healthcare companies can use newly released government data on ... of a population and intervene and capture the value they create to succeed ...
Breaking Medicine News(10 mins):