SOURCE: HC2 Holdings, Inc.
HERNDON, VA--(Marketwired - May 21, 2014) - HC2 Holdings, Inc. ("HC2") (OTCQB: HCHC) announced today that Genovel Orthopedics, Inc. ("Genovel") signed a research and license agreement with New York University for the development and commercialization of a new technology for osteoarthritis of the knee.
Genovel is a Delaware company founded by Pansend, LLC, a wholly owned subsidiary of HC2 Holdings, Inc.
The technology was designed by Peter S. Walker, PhD; Professor, Department of Orthopaedic Surgery, NYU School of Medicine; Professor, Department of Mechanical & Aerospace Engineering, NYU-Polytechnic and Joseph Bosco, MD, Associate Professor; Vice Chair for Clinical Affairs, Department of Orthopaedic Surgery, NYU School of Medicine. They have designed a next-generation treatment for patients who suffer from osteoarthritis of the knee that seeks to improve their quality of life and lower costs.
David A. Present M.D., President and Senior Managing Director of Pansend, LLC, stated, "We are excited to enter into an agreement with NYU and Drs. Walker and Bosco in the development of innovative products to treat early osteoarthritis of the knee."
HC2 operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom. HC2's indirectly wholly owned subsidiary PTGi International Carrier Services, Inc. ("PTGi ICS") is one of the leading international wholesale service providers to fixed and mobile network operators worldwide. PTGi ICS owns and operates its own global network of next-generation IP soft switches and media gateways. Founded in 1994, HC2 is headquartered in Herndon, Virginia. For more information, visit: www.HC2.com.
Cautionary Statement Regarding Forward Looking Statements
This release contains, and certain oral statements made by our representatives from time to time, may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations, and are not strictly historical statements. In some cases, you can identify forward-looking statements by terminology such as "if," "may," "should," "believe," "anticipate," "future," "forward," "potential," "estimate," "opportunity," "goal," "objective," "growth," "outcome," "could," "expect," "intend," "plan," "strategy," "provide," "commitment," "result," "seek," "pursue," "ongoing," "include" or in the negative of such terms or comparable terminology. These forward-looking statements inherently involve certain risks and uncertainties and are not guarantees of performance or results, or of the creation of shareholder value, although they are based on our current plans or assessments which we believe to be reasonable as of the date hereof. Factors or risks that could cause our actual results to differ materially from the results are more fully described in our most recent annual report, quarterly reports or other filings with the Securities and Exchange Commission, which are available through our website at www.HC2.com. Such factors and risks that relate to the license agreement include the uncertainties relating to research and development activities, dependence on the efforts of collaborators and third parties, dependence on intellectual property, and the risk that the terms contemplated by the license agreement may not be completed in the time frame expected by the parties or at all. Other unknown or unpredictable factors could also affect our business, financial condition and results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that any of the estimated or projected results will be realized. You should not place undue reliance on these forward-looking statements, which apply only as of the date hereof. Subsequent events and developments may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.