Covalon Technologies Ltd.
TSX VENTURE : COV

Covalon Technologies Ltd.

April 04, 2006 11:59 ET

Covalon Applies for FDA Approval for its 'Collagran Ag' Collagen Antimicrobial Silver Wound Dressing

MISSISSAUGA, ONTARIO--(CCNMatthews - April 4, 2006) - Covalon Technologies Ltd. (Covalon) (TSX VENTURE:COV) is extremely pleased to announce that it has made a 510(k) application for FDA approval of Collagran Ag™, a collagen antimicrobial silver wound dressing.

Covalon CEO, Dr. Frank DiCosmo said: "The FDA 510 (k) application for Collagran Ag is important to the expansion of Covalon's wound dressing and tissue repair product offerings. Collagran Ag creates an environment conducive to optimal wound healing with increased wound exudate absorption and matrix metaloprotease (MMP) inhibition while maintaining a moist wound bed essential for healing. The dressing absorbs wound exudate to form a soft and conformable, hydrophilic matrix that is gas-permeable and releases antimicrobial silver ions. Levels of silver ion present in Collagran Ag kill antibiotic resistant microbes such MRSA (Methicillin resistant Staphylococcus aureus), VRE (vancomycin resistant Enterococcus) and fungicidal-resistant Candida albicans; reduced microbial load coupled with MMP inhibition improves the healing process. Collagran Ag is considered a powerful addition to our advanced wound dressings and we expect to offer strong competition to existing products in the marketplace. Covalon looks forward to offering Collagran Ag through a number of distributors in the wound care market on a non-exclusive basis."

Collagran Ag provides in a single dressing, a combination of features and benefits found in advanced wound dressings such as Prisma™ (J&J), Promogran™ (J&J) and Aquacel Ag™ (Convatec). Collagran Ag dressing is indicated for use on decubitus ulcers, abrasions, lacerations, incisions, second degree burns and for reducing microbial contamination.

There is a continuing shift toward antimicrobial silver ion releasing barrier dressings in treating advanced wounds. It is well established that silver ion releasing dressings that maintain a moist wound environment provide optimal healing for decubitus and other wounds. HPIS™ Update, October 2005 reported a 32.6% increase in sales for silver/active dressings product class for the second quarter 2005 over the same period 2004; this was 9.3% performance increase above the overall wound care category. According to Frost and Sullivan market research advanced wound care products will show a compound annual growth rate of 26.9% and reach an estimated $US 2.4 billion in 2006. The addition of our newest antimicrobial barrier dressing, Collagran-Ag, to our products will have a significant impact to Covalon's sales said Dr. DiCosmo.

Covalon Technologies Ltd. is a company with advanced medical products that has developed and patented advanced therapeutic biomaterials for wound care and surgical applications and coatings. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to many medical devices to treat many critical conditions. A variety of applications for these technologies have been identified and specific products have been developed. The products offer features and benefits providing solutions to many of the problems caused by current devices and their material properties which are used by most medical device manufacturers and suppliers. The problems include infection, poor biocompatibility, and microbial attachment.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.

This document contains forward-looking statements. These statements relate to future events or future performance. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of any of these terms or comparable terminology. Such statements reflect the current views of management of the Company with respect to future events. Actual events or results may differ materially. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Covalon Technologies Ltd.
    William Jackson
    CFO & COO
    (905) 568-8400
    (905) 568-5200 (FAX)
    www.covalon.com