Covalon Technologies Ltd.

Covalon Technologies Ltd.

October 12, 2005 10:24 ET

Covalon Applies For FDA Approval For Its Hydrated Collagen Antimicrobial Silver Wound Dressing

MISSISSAUGA, ONTARIO--(CCNMatthews - Oct. 12, 2005) - Covalon Technologies Ltd. (Covalon) (TSX VENTURE:COV) is extremely pleased to announce that it has made a 510(k) application for FDA approval of Covaclear-Ag™, a hydrated collagen antimicrobial silver wound dressing.

Covalon CEO, Dr. Frank DiCosmo said: "The FDA application is extremely important to the expansion of Covalon's wound dressing and tissue repair product offerings. The new dressing, Covaclear-Ag™, offers the benefits of collagen and antimicrobial silver in a transparent moist dressing for a positive wound healing environment. A moist wound healing environment is known to improve the healing process and reduce scarring. When Covaclear-Ag™ is approved it will be the first dressing to combine these features in the hydrogel sheet dressing category. Covalon looks forward to offering this dressing through a number of distributors in the wound care market on a non-exclusive basis."

According to the 2000 Clinica Reports "New Developments in Wound Care ", the wound care market, world wide, exceeds $15 Billion US per year. Covaclear-Ag™ "hydrated collagen antimicrobial wound dressings" are indicated for the management of full and partial thickness wounds. The total US market for moist dressings (hydrocolloids / hydrogels) exceeds $500 million per year.

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 not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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 up date 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.

Contact Information

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