FORT WORTH, TX, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or "us") (NASDAQ: SMTI), announced today that is has signed an exclusive license agreement with Tufts University ("Tufts") to develop and commercialize patented technology covering 18 unique collagen peptides.
Zach Fleming, Sanara's CEO stated, "Sanara has established itself as a leader in bioactive collagen peptides with CellerateRX® Surgical Powder ("CellerateRX"). We see significant opportunities to broaden our existing CellerateRX product line and develop new bioactive collagen peptide-based applications that will help improve outcomes and advance patient care while reducing healthcare system costs. We believe that the technology that we have licensed from Tufts, supported by the expertise of our research and development team at Rochal, can help us expand our product offering of collagen products."
License Overview
- As part of this agreement, Sanara has formed a new subsidiary, Sanara Collagen Peptides, LLC ("SCP"), and has issued 10% of SCP's outstanding units to Tufts.
- SCP has exclusive rights to develop and commercialize new products based on the licensed patents and patents pending.
- The agreement includes one U.S. patent, one granted European patent (validated in France, Germany, Great Britain, and Switzerland/Liechtenstein), one Canadian patent pending, and one Patent Cooperation Treaty ("PCT") patent pending.
- SCP will pay royalties to Tufts based on net sales of licensed products and technologies. Royalties will be calculated at a rate of 1.5% or 3%, depending on the type of product or technology developed.
- SCP will pay Tufts a minimum annual royalty of $50,000 on January 1 of the year following the first anniversary of the first commercial sale of the licensed products or technologies. SCP will pay Tufts a $100,000 minimum annual royalty on January 1 of each subsequent year during the royalty term specified in the exclusive license agreement.
About Sanara MedTech Inc.
Sanara MedTech Inc. is a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets. The Company markets, distributes and develops surgical, wound and skincare products for use by physicians and clinicians in hospitals, clinics and all post-acute care settings and offers wound care and dermatology virtual consultation services via telemedicine. Sanara's products are primarily sold in the North American advanced wound care and surgical tissue repair markets. Sanara markets and distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG® Tissue Repair Graft and FORTIFY FLOWABLE® Extracellular Matrix as well as a portfolio of advanced biologic products focusing on ACTIGEN Verified Inductive Bone Matrix, ALLOCYTE® Plus Advanced Viable Bone Matrix, BiFORM® Bioactive Moldable Matrix, TEXAGEN® Amniotic Membrane Allograft, and BIASURGE Advanced Surgical Solution to the surgical market. In addition, the following products are sold in the wound care market: BIAKOS® Antimicrobial Skin and Wound Cleanser, BIAKOS Antimicrobial Wound Gel, BIAKOS® Antimicrobial Skin and Wound Irrigation Solution and HYCOL® Hydrolyzed Collagen. Sanara's pipeline also contains potentially transformative product candidates for mitigation of opportunistic pathogens and biofilm, wound re-epithelialization and closure, necrotic tissue debridement and cell compatible substrates. The Company believes it has the ability to drive its pipeline from concept to preclinical and clinical development while meeting quality and regulatory requirements. Sanara is constantly seeking long-term strategic partnerships with a focus on products that improve outcomes at a lower overall cost. In addition, Sanara is actively seeking to expand within its six focus areas of wound and skin care for the acute, post-acute, and surgical markets.
Information about Forward-Looking Statements
The statements in this press release that do not constitute historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements may be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continue," "could," "estimates," "expect," "forecast," "guidance," "intend," "may," "plan," "possible," "potential," "predicts," "preliminary," "projects," "seeks," "should," "targets," "will" or "would," or the negatives of these terms, variations of these terms or other similar expressions. These forward-looking statements include, among others, statements regarding the ability to expand our product offering of collagen products and develop new collagen-based applications, the development of new products, the timing of commercialization of our products and the regulatory approval process. These items involve risks, contingencies and uncertainties such as the extent of product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, uncertainties associated with the development and process for obtaining regulatory approval for new products, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements.
All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events, except as required by applicable securities laws.
Investor Contact:
Callon Nichols, Director of Investor Relations
713-826-0524
CNichols@sanaramedtech.com
SOURCE: Sanara MedTech Inc.
