Credence MedSystems, Inc. announced today that it has formed a strategic collaboration with Phillips-Medisize, a Molex company, a global leader in the design and manufacturing of solutions for the pharmaceutical drug delivery market.
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The Credence Companion Syringe System enables pharmaceutical manufacturers to provide their end users with enhanced safety and usability while preserving the use of trusted components and processes. (Graphic: Business Wire)
The strategic relationship will support scaling of the manufacture of the Credence Companion and Dual Chamber Reconstitution Systems. Other potential collaboration areas include autoinjectors and connectivity solutions. The Credence Connect Auto-Sensing Injection System is a connected solution for syringes targeting chronic disease management and enabling improved clinical trial compliance. Molex Ventures also participated in Credence's most recent round of financing.
"We're very excited about the close collaboration with Phillips-Medisize and the opportunity to manufacture our devices at their Letterkenny, Ireland site and new Poland facility, which are both located in close proximity to our customers and supply chain partners," said Jeff Tillack, Credence's Chief Operating Officer.
Paul Chaffin, President of Phillips-Medisize, said, "Phillips-Medisize has a long-standing working relationship with Credence. Our new collaboration will focus on scaling from a clinical line to large-scale manufacturing that includes high volume automation in a state-of-the-art plant located in Eastern Europe. The capabilities of Phillips-Medisize align effectively with Credence's product portfolio, which fills important needs in the market, and we look forward to accelerating the delivery of their innovative injection system to market."
John Merhige, Credence's Chief Commercial Officer, stated, "With the previously announced $39.9 million funding, including investments from Molex Ventures and Novartis, we are able to take the important next steps toward putting our technology in the hands of users and providing critical safety and usability enhancements."
About Credence MedSystems, Inc.
Credence MedSystems is an innovator of drug delivery systems that solve unmet market needs for the pharmaceutical industry. Credence's philosophy of Innovation Without Change allows pharma manufacturers to impress and protect their end users while preserving their existing processes, sourcing strategies and preferred primary package components. The Companion family of syringe systems includes proprietary needle retraction technology, syringe reuse prevention and other critical safety and usability features. The Dual Chamber Reconstitution platform offers single-step mixing and injection for medicines that require reconstitution at the time of delivery. The Credence Connect brings digital connectivity to any syringe and has the potential to impact chronic disease management and clinical trial compliance. Metered dose systems and other novel devices address the needs of specific therapeutic markets such as ocular therapies and cosmetic applications. Find more information on www.CredenceMed.com.
About Phillips-Medisize
Phillips-Medisize, a Molex company, brings decades of innovation to leading healthcare and life science companies to develop groundbreaking solutions that help people live healthier, more productive lives. On average, the company commercializes 50 new products a year for customers, including the first-to-market FDA-registered drug-delivery device utilizing a connected health system. Molex brings decades of experience in advanced electronics, connectivity and sensor technologies to help transform medical and pharmaceutical solutions. For more information, visit https://www.phillipsmedisize.com.
About Molex
Molex is a global electronics leader committed to making the world a better, more-connected placeWith a presence in more than 40 countries, Molex enables transformative technology innovation in the automotive, data center, industrial automation, healthcare, 5G, cloud and consumer device industries. Through trusted customer and industry relationships, unrivaled engineering expertise, and product quality and reliability, Molex realizes the infinite potential of Creating Connections for Life. For more information, visit www.molex.com.
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Contacts:
Credence MedSystems, Inc.
John A. Merhige
jmerhige@credencemed.com
www.CredenceMed.com
+1-844-263-3797 (+1-844-CMEDSYS)
