Agreement signed with TELA Bio Inc
Sydney, Australia -- Next Science Limited (ASX:NXS) (Next Science) is pleased to announce that it has signed a multi-year distribution agreement with NASDAQ listed medical technology company, TELA Bio, Inc in relation to the supply of a white labelled version of Next Science’s proprietary XPERIENCETM No Rinse Antimicrobial Solution.
The new agreement grants TELA Bio, Inc exclusive rights across the US plastic reconstructive surgery market for the sale and marketing of the white labelled version of XPERIENCETM. The agreement also grants TELA Bio, Inc a first right of negotiation for the EU market, upon successful CE approval for XPERIENCETM, on similar deal terms. The agreement includes an annual licensing fee plus transfer price arrangement and minimum purchase amounts that must be met to retain exclusivity.
The agreement term is 10 years and automatically extends for an additional period of 10 years unless notice is given by either party that they do not wish to extend.
In the US alone, over 5 million plastic reconstructive procedures are done each year1 . TELA Bio’s immediate point of focus will be the breast augmentation and reconstruction market of over 400,000 procedures per year.2 Commercial sales are expected to commence by year end.
TELA Bio, Inc will market and sell the white labelled version of XPERIENCETM under a proprietary brand name - ProTex Plastic Surgical Solution. The surgical solution has exceptional rates of pathogen removal and requires no secondary rinse out. The wash is also compatible with all common implants and during clinical trial showed no irritation to key areas of the body including the skull (dura mater), heart, lungs, and chest wall articular cartilage of the body.
Commenting on the agreement, Managing Director Judith Mitchell said: “We are delighted to expand our commercial footprint through the TELA Bio sales organisation. This agreement allows Next Science to remain focused on the core orthopaedics market, whilst handing over the reins for the plastics reconstructive market to TELA Bio. TELA Bio has a track record of success in bringing new technologies into the market and are known for their focus and drive. TELA Bio goes to market through a direct sales force, supported by clinical specialists, to service the US plastics market. We expect this partnership will help deliver our groundbreaking technology to the hands of surgeons and aligns with Next Science’s overall mission of healing patients and saving lives
About Next Science
Next Science is a medical technology company headquartered in Sydney, Australia, with a research and development centre in Florida, USA. Established in 2012, the Company’s primary focus is on the development and commercialisation of its proprietary XbioTM technology to reduce the impact of biofilm based infections in human health. XbioTM is a unique, non-toxic technology with proven efficacy in eradicating both biofilm based and free-floating bacteria. Next Science owns 100% of the patent protected intellectual property relating to its XbioTM technology. Website: www.nextscience.com.
About TELA Bio, Inc.
TELA Bio Inc. (NASDAQ: TELA) is a commercial-stage medical technology company focused on designing, developing, and marketing innovative tissue reinforcement materials to address unmet needs in soft tissue reconstruction. The Company is committed to providing patients with advanced, economically effective biologic material repair solutions to minimize long-term exposure to permanent synthetic materials and improve clinical outcomes. TELA Bio's OviTex® and OviTex PRS Reinforced Tissue Matrix products are purposefully designed to address the shortcomings of existing reinforcement materials in hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery. For more information, visit www.telabio.com.
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