MISSISSAUGA, Ontario--(BUSINESS WIRE)--Sep. 5, 2017--
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an
advanced medical technologies company, today announced that it has
received $14 million of new orders under exclusive contracts that it has
won in the Middle East. The contract orders have been received as a
result of the Company being granted major contracts to supply several of
its advanced dressing products to Ministry of Health facilities in Saudi
Arabia and other Gulf Cooperation Council (“GCC”) countries. The
contracts were awarded to Covalon following a competitive bidding
process that resulted in physicians selecting Covalon’s ColActive Plus
product line as its exclusive advanced collagen wound dressing and
selecting Covalon’s antimicrobial IV Clear vascular access dressing.
“These contract wins are a further validation of our superior products,
as well as our ability to grow Covalon’s business in the region,” said
Brian Pedlar, Covalon’s Chief Executive Officer. “Our continued strong
position within key hospitals and clinics is having a positive impact in
helping us grow our business in the Middle East in other sales channels.
We are very pleased with our renewed success in Saudi Arabia and the
IV Clear has been used as the exclusive antimicrobial vascular access
dressing in all Ministry of Health facilities in Saudi Arabia over the
past year. The strong antimicrobial performance of IV Clear combined
with its ability to provide pain-free dressing changes has made IV Clear
very popular with both patients and clinicians in Saudi Arabia.
ColActive Plus has also been used as the exclusive collagen advance
wound care dressing for treating chronic wounds in all Ministry of
Health facilities in Saudi Arabia over the same period, following
Covalon being awarded exclusive annual contracts in August 2016.
“The Saudi Arabian key opinion leaders selected our ColActive Plus
product because of its efficacy in helping to heal chronic, diabetic
wounds,” said Pedlar. “The clinical feedback we have received over the
past year has demonstrated that ColActive Plus has helped save numerous
patients from amputation of limbs, which resulted in better quality of
life for patients and cost savings for the medical system.”
In addition to ColActive Plus, Covalon markets a full line of advanced
wound management dressings for both acute and chronic wounds under its
CovaWound brand. As well, Covalon is also the only provider of a dual
antimicrobial silicone adhesive technology used in its IV Clear and
SurgiClear brands of infection management dressings. Both of these
product lines offer superior efficacy in helping to prevent infections
and medical adhesive skin injuries, while providing total insertion or
incision site visibility to the healthcare provider.
The Company expects to begin deliveries under these contracts before the
end of September and continue through to the end of fiscal 2018.
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
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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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170905005592/en/
Source: Covalon Technologies Ltd.
Covalon Technologies Ltd.
Brian Pedlar, CEO
905-568-8400 x 233
Toll free: 1-877-711-6055
Web site: www.covalon.com