MISSISSAUGA, Ontario--(BUSINESS WIRE)--Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced the launch of its new, Centaur™ low particulate, lubricious coating designed to improve the safety and functionality of intravascular medical devices such as catheters, guidewires and delivery sheaths where the presence of unwanted particulate can cause significant patient complications. In a third party in vitro simulated vascular insertion study designed to measure the levels of particulate, Covalon’s Centaur™ coating resulted in statistically significantly lower levels for all particulate sizes relative to the same uncoated catheter. This contrasts with other industry leading coatings that can generate nearly twice as many particles as the same uncoated catheter. Covalon’s Centaur™ coating technology specifically targets and is ideally suited for a growing segment of the medical coatings market focused on improving lubricity while maintaining coating durability.
“We are very excited about these results,” said Val DiTizio, Covalon’s Chief Scientific Officer. “Being able to show that a coated catheter can have fewer particles than even an uncoated catheter positions our patented technology ahead of the current leading medical coating processes.”
In November of 2015, the U.S. Food and Drug Administration (FDA) issued a safety communication regarding lubricious coatings separating from vascular access devices. It states that since January 1, 2010, there have been 11 recalls from various manufacturers associated with these coatings peeling or flaking off of medical devices. The majority of the recalls were associated with guidewires, but there have also been recalls for other types of devices including sheaths, retrieval devices and embolization device delivery wires used in the vasculature.1
“The combination of recent recalls and a market for medical device coatings that is expected to grow to $15 billion by 2025, makes our launch of a highly differentiated medical coating like Centaur that has a potentially more favourable safety profile than its competitors an exciting opportunity for our coatings business,” said John R. Hands, Executive Vice President at Covalon. “Our new Centaur low particulate, lubricious coating can help medical device manufacturers introduce new lines of coated catheters, guidewires and stents that provide a higher level of confidence to clinicians when using their medical devices.”
Covalon collaborates with industry leading medical device companies to develop custom medical device coatings that offer a unique, strategic advantage for their product offerings. The proprietary CovaCoat™ and Centaur™ technologies provide a cost-effective coating process for exceptional functionality and performance for a variety of medical device surfaces.
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.