ORTHOCON Announces Signing of Exclusive, Worldwide License Agreement With Bezwada Biomedical
IRVINGTON, N.Y., Aug. 31, 2011 /PRNewswire/ — ORTHOCON, Inc., a privately-held therapeutic device company, today announced the signing of an exclusive, worldwide license agreement with Bezwada Biomedical to develop and commercialize Bezwada’s technology for bone applications.
Bezwada Biomedical is an innovation-driven company with proprietary technology platforms comprised of bioabsorbable and biocompatible polyurethanes and polyamides derived from hydrolyzable isocyanates. This technology can be utilized to create absorbable surgical devices for a variety of applications including structural support, fixation, and drug delivery, with the potential to address significant limitations of existing therapeutic modalities.
John J. Pacifico, President and Chief Executive Officer of ORTHOCON, commented, “This strategic partnership is another important milestone for ORTHOCON as it significantly enhances the company’s technological capabilities and product pipeline.” He added, “Bezwada Biomedical has invented new technology that clearly improves upon existing marketed products, and we are very pleased to be working with Dr. Bezwada and his team to develop and commercialize additional devices that address the needs of our surgeon customers.”
“We are delighted to partner with ORTHOCON to develop and commercialize an important part of our technology for bone applications,” stated Rao Bezwada, Ph.D., President and Chief Executive Officer of Bezwada Biomedical. “Given ORTHOCON’s financial, technical, and commercial capabilities, we believe this is the right step to move our technology forward and we are thrilled to be working with the ORTHOCON team.”
Richard Kronenthal, Ph.D., ORTHOCON’s Founder, Chief Scientific Officer, and principal technology inventor, previously worked with Dr. Bezwada to develop several market-leading products. Commenting on this strategic partnership, Dr. Kronenthal stated, “Having known and worked with Dr. Bezwada for many years, and having assessed the advantages of his materials relative to other marketed technologies, I am enthusiastic about the new roads we are taking together to overcome important problems in orthopedic and other surgical specialties.”
ORTHOCON recently initiated development programs to advance the Bezwada technology towards commercialization.
About Bezwada Biomedical
Bezwada Biomedical, established in 2003, is focused on novel and biocompatible materials applicable to unmet medical and surgical needs. The company, with specialized laboratory and manufacturing facilities in Hyderabad, India and Hillsborough, New Jersey, develops and produces novel polymers and precursors at experimental and commercial scales. For more information, please visit www.bezwadabiomedical.com.
About ORTHOCON
Founded in 2005, ORTHOCON develops, manufactures, markets, and sells products that stop bone bleeding. In 2011, ORTHOCON announced the commercial introduction of its first 510(k) cleared product, Hemasorb Absorbable Bone Hemostat Matrix, and the 510(k) clearance of Hemasorb Apply, a proprietary applicator designed to deliver Hemasorb and other ORTHOCON products presently under development.
ORTHOCON is funded by leading international venture capital investment firms. The company occupies 8,000 square feet at its state-of-the-art facility in Irvington, New York. For more information, please visit www.orthocon.com .
SOURCE ORTHOCON, Inc.
