WILMINGTON, Mass.--(BUSINESS WIRE)--AdvanSource Biomaterials Corporation (OTC Markets OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced that the Company has entered into a multi-year supply agreement with Access Scientific, a San Diego-based healthcare company engaged in the business of developing vascular access devices that simplify and improve minimally invasive and infusion therapy procedures. This supply agreement is the result of the Company’s successful collaboration with Access Scientific in the development of a specialized polymer to be used as an integral component of Access Scientific’s midline catheter products
Michael Adams, President and CEO of AdvanSource, stated, “We are pleased with this opportunity to expand our commercial relationship and partnership with Access Scientific. Drawing upon our expertise, competence and expanding portfolio of custom polymer materials in support of the medical device community, we believe the materials developed for Access Scientific should aid in optimizing their medical device design criteria. This relationship is consistent with our partnership-oriented business model, which we believe supports expansion of royalty and product revenue growth opportunities. We continue to aggressively market our technology and capabilities; and are optimistic and proud of the medical device industry's recognition and support of the benefits of our advanced biomaterials and services.”
Access Scientific produces The WAND® line of catheters that make possible the proprietary Accelerated Seldinger Technique. AdvanSource Biomaterials has developed a specialized aromatic polycarbonate polyurethane for Access Scientific to optimize catheter performance. Under the supply agreement, Access Scientific will have exclusive rights to ChronoFlex™ C for use in midline catheters.
“As our first prospective, clinical study will soon attest, the performance of ChronoFlex C, when combined with The POWERWAND’s accelerated Seldinger technique and other unique WAND features, delivers the finest performance of any catheter in the history of vascular access,” said Steve Bierman, M.D., CEO of Access Scientific. Results of that study will be presented in an Exhibitor Theater on May 23, 24 and 25 at the Infusion Nurses Society annual meeting, in Louisville, Ky.
This newly announced agreement provides AdvanSource Biomaterials with a multi-year, multi-million dollar opportunity where revenues will be derived from product sales and royalty fees based, in part, on advancing sales of The POWERWAND.
About AdvanSource Biomaterials Corporation
AdvanSource Biomaterials Corporation manufactures advanced polymer materials which provide critical characteristics in the design and development of medical devices. The Company’s biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. AdvanSource’s business model leverages its proprietary materials science technology and manufacturing expertise in order to expand its product sales and royalty and license fee income. More information about AdvanSource is available at its website: www.advbiomaterials.com.
About Access Scientific, Inc.
Access Scientific, a privately held medical device company, is dedicated to providing a safer standard of over-wire vascular access through its proprietary WAND technology. ASI's team of seasoned device-company veterans is focused on improving patient and healthcare worker safety through the combination of superb design/engineering and exacting quality assurance. The WAND was developed by the same Venetec International, Inc. team that invented StatLock® catheter stabilization devices and made them the worldwide standard.
Forward-Looking Statements
AdvanSource Biomaterials Corporation believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and its Quarterly Report on Form 10-Q for the quarters ended June 30, 2010, September 30, 2010 and December 31, 2010. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.