Abyrx® Announces Expansion of Exclusive, Worldwide License Agreement with Bezwada Biomedical; Completes $10M Equity Financing.
IRVINGTON, N.Y., Dec. 6, 2016 /PRNewswire/ — Abyrx®, Inc., a privately-held specialty biosurgical products company, today announced the expansion of its exclusive, worldwide license agreement with Bezwada Biomedical, LLC to include the development, manufacture, and commercialization of Bezwada’s proprietary adhesive technology for soft tissue applications. Previously, in 2011, Abyrx and Bezwada announced a similar partnership for hard tissue (bone) applications. With this new partnership, Abyrx gains exclusive access to proprietary materials and manufacturing that it will use to develop products for surgical site hemostasis, sealing, and fixation.
In addition to its announcement of the new technology license with Bezwada, Abyrx also announced it recently completed a $10Mequity financing with strong support from inside investors. The new funds will be used to manage the growing demand for Abyrx’s bone putty products and to accelerate Abyrx’s pipeline development activities.
John J. Pacifico, Abyrx’s President and Chief Executive Officer, said the additional rights to use Bezwada’s technology for soft tissue applications and the new financing come as growth of Abyrx’s existing commercial business is accelerating. “We are very pleased by the support of our investors and thrilled to be broadening the scope of our manufacturing and technology platforms with Dr. Bezwada and his team to include new capabilities for soft tissue products,” Mr. Pacifico commented. “These new developments enhance the level of service we deliver to providers of care and deepen our relevance in the surgical procedures we support.”
“We have been very impressed by Abyrx’s ability to advance our technology platforms from lab-scale production to finished products that solve unmet needs,” stated Rao Bezwada, Ph.D., President and Chief Executive Officer of Bezwada Biomedical. “Given Abyrx’s history of success in developing and commercializing new products, and the support Abyrx continues to receive from the venture capital community, we are excited about our future with Abyrx and we are dedicated to ensuring Mr. Pacifico and his team have everything they need to achieve their objectives for the bone and soft tissue marketplaces.”
Abyrx and Bezwada recently initiated development programs to advance their new products towards commercialization. Both Abyrx and Bezwada believe they have a significant opportunity to address the limitations of other marketed products for soft tissue hemostasis, sealing, and fixation because of the high rate of reactivity and unique tunability of the Bezwada polymer technology.
The terms of the $10M equity financing were not disclosed but the company named members of its executive team as participants in addition to Canaan Partners, MedEdge, and BB BIOTECH VENTURES through their respective entities.
ABOUT ABYRX
Founded in 2013, Abyrx develops, manufactures, and provides specialty biosurgical products for use during surgical procedures. Abyrx’s products are protected by over forty issued and pending patents covering a broad range of compositions and methods.
Abyrx is located in Irvington, New York. For more information, please visit www.abyrx.com.
ABOUT BEZWADA BIOMEDICAL
Bezwada Biomedical designs and manufactures raw materials for use in the production of biocompatible polymers. Bezwada’s technology is protected by over thirty issued and pending patents covering a broad range of compositions and methods.
Bezwada Biomedical has laboratories, production facilities, and offices in India and Hillsborough, NJ. For more information, please visit www.bezwadabiomedical.com.
SOURCE Abyrx, Inc.
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