ADDISON, Texas, Jan. 19, 2011 /PRNewswire/ -- ULURU Inc. (NYSE Alternext: ULU) announced today that it has signed a Binding Letter of Intent ("Agreement") with Exciton Technologies Inc. ("Exciton") to develop and market a product that will combine Altrazeal® with Exciton's proprietary exSALT™ Antimicrobial Technology.
Under the terms of the agreement ULURU will be granted a worldwide license, excluding China, to market the Altrazeal® exSALT™ product. Exciton will be responsible for conducting the necessary product testing, filing a 510(k) application with the FDA and interacting with the FDA to secure product approval. ULURU will be responsible for product approval in International markets including gaining CE Mark approval. ULURU will pay Exciton to prepare and prosecute the 510(k) application, milestone payments on the attainment of sales targets and a royalty based on product sales. The parties have agreed to negotiate a final agreement that will supersede the Binding Letter of Intent.
Exciton has developed a unique silver technology which has equivalent or greater antimicrobial efficacy at a markedly lower silver concentration compared to other currently marketed silver products. Preliminary testing has been conducted on the combination of Altrazeal® and exSALT™ in an in-vitro log reduction assay, which meets draft guidance from the FDA for testing of medical devices containing an antimicrobial agent. This testing has been performed against Staphylococcus aureus, one of the more resistant bacterial strains. The performance of Altrazeal® exSALT™ was compared to five market leading silver containing products. Of the five commercial products tested only two products passed this antimicrobial efficacy test and both of these products contained significantly more silver (3.75 and 7.50 times more silver) than Altrazeal® exSALT™.
Commenting on the Agreement, Rod Precht, President of Exciton Technologies Inc., stated, "We are delighted to be working with ULURU to develop a product containing two patented technologies which appear to work synergistically to potentially provide significant clinical advantages. The initial in-vitro testing clearly indicates that Altrazeal® exSALT™ has superior properties to the market leading products in this market category."
It is anticipated that a 510(k) application will be filed with the FDA in approximately 90 days. Assuming no extended delays in FDA review, approval of Altrazeal® exSALT™ could occur as early as the third quarter of 2011. The antimicrobial segment of the North American advanced wound care market is projected to grow in the next 5 years to be in excess of $750 million with annual growth rates above 15%.
Commenting on the Agreement, Kerry P. Gray, President and CEO of ULURU Inc., stated, "Combining these two leading technologies offers the potential for a dominant product in the antimicrobial dressing market. The superior antimicrobial activity at a significantly lower silver concentration is an outstanding product benefit. As we assessed our silver product strategy, given the favorable product profile of Altrazeal® exSALT™, it became obvious that this was our best course of action compared with pursuing our prior silver product application. This revised strategy also addresses questions previously raised by the FDA."
About ULURU Inc.:ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex™ Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.
About Exciton Technologies Inc.:Exciton Technologies Inc. is a Canadian, privately-held advanced materials research and development company focused on the creation of technologies for preventing and controlling infection. The company has a valuable portfolio of patentable platform technologies and FDA cleared wound care products based on the antimicrobial properties of silver. For more information about Exciton Technologies Inc., please visit our website at www.excitontech.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended including the antimicrobial efficacy of Altrazeal® exSALT™, the market potential of Altrazeal® exSALT™, the size of the current and potential market for Altrazeal® exSALT™, the negotiation of the definitive agreement that will supersede the Binding Letter of Intent, the timing of filing of an application with the FDA and the timing of any approval of such filing, and the favorable product profile of Altrazeal® exSALT™. These statements are subject to numerous risks and uncertainties, including but not limited to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and other reports filed by us with the Securities and Exchange Commission.Contact: CompanyKerry P. GrayPresident & CEOTerry K. WallbergVice President & CFO(214) 905-5145
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