BioSurface Engineering Technologies Announces Agreement with Biomet, Inc. subsidiary EBI, LP.
College Park, Maryland -- BioSurface Engineering Technologies, Inc. ("BioSET") announced today the execution of a collaborative technology evaluation and development agreement with EBI, LP, a subsidiary of Biomet, Inc. (NASDAQ:BMET)
Under the terms of the agreement, BioSET will work with EBI to facilitate the evaluation by EBI of one of BioSET's synthetic growth factor peptides in pre-clinical models. The agreement provides for the evaluation and development of tissue healing and regenerative applications across multiple orthopedic fields of use. Additionally, the license granted under the agreement is available to all affiliates of EBI, including parent Biomet. The companies will work together to achieve specific developmental milestones leading to the commercialization of synthetic growth factor products on a worldwide basis. Financial terms relating to the agreement were not disclosed.
Tom Roueche, President and CEO commented, "We have been working with EBI and other units of Biomet for a number of months, and are very pleased to have reached a broad technology evaluation and licensing agreement with one of the world's leading diversified global medical device companies. We hope our initial work with EBI will further validate the potential of our growth factor peptides across multiple disease applications, and we look forward to a long and productive relationship."
About BioSurface Technologies, Inc.
BioSurface Engineering Technologies, Inc., is a development stage private company dedicated to bringing therapeutic combinations to medical devices to improve product performance and patient well being. BioSET's HepaSil drug delivery technology and synthetic peptides for tissue regeneration continue to show promising results in preclinical studies for the treatment of vascular, orthopedic and chronic wound diseases. The company intends to capitalize on the growing trend toward drug/device combination products and seeks to offer their novel peptides and methods of delivery to industry partners. For more information, please visit BioSET's website at: www.biosetinc.com.
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