SHANNON, Ireland, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Irish medical device company Biomimetic Innovations Limited, an affiliate of PBC Biomed, today announced the execution of an exclusive license and distribution agreement with Sanara MedTech Inc ("Sanara") (Nasdaq:SMTI). In tandem, Sanara agreed to make a minority investment in cash for equity in BMI.
Sanara is a medical technology company based in Fort Worth, Texas, focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare market.
Sanara has acquired the exclusive U.S. marketing, sales, and distribution rights to OsStic® Synthetic Injectable Structural Bio-Adhesive Bone Void Filler ("OsStic®") under the terms of the License and Distribution Agreement, as well as a hardware agnostic adjunctive internal fixation technology featuring novel delivery to promote targeted application of OsStic®, for use in fracture management. The License and Distribution Agreement is for an initial five-year period, with the option to automatically renew for successive two-year periods at Sanara's discretion.
Developed by Biomimetic Innovations Ltd, OsStic®, is a disruptive new bio-adhesive bone void filler technology which was granted a Breakthrough Device Designation by the U.S. Food and Drug Administration ("FDA") on December 10, 2023.
The proposed indication statement for OsStic® is [a] "structural, mechanically enhanced bioadhesive for reduction, provisional fixation, or void filling of periarticular fractures or defects to enhance structural stability where standard fixation alone cannot provide sufficient support for functional mobilization."
Breakthrough Device Designation is granted to medical devices that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating human disease or conditions.
"We are excited to announce this strategic agreement and investment in Biomimetic Innovations," said Ron Nixon, Sanara's Executive Chairman and CEO. "OsStic® offers a truly differentiated solution, designed to enhance the fracture repair process. We believe OsStic® represents a compelling treatment option for the more than 100,000 periarticular fractures that occur in the U.S. annually."
Dr. Thomas Russell, Chief Medical Officer of PBC Biomed (an affiliate of BMI), stated, "Unlike conventional materials, OsStic® is engineered to optimize fluidic dispersion into bone defects, interdigitate with the surrounding boney structure, and firmly adhere to bone surfaces. These properties provide exceptional structural integrity and mechanically enhanced bioadhesion, making OsStic® uniquely suited for reducing periarticular fractures, achieving provisional fixation, and filling voids. As the first calcium phosphate-based synthetic technology to address all three critical clinical needs, OsStic® offers an unparalleled solution for preserving joint congruency and improving patient outcomes."
Paul Burke, Managing Partner of PBC Biomed Ltd and acting CEO of Biomimetic Innovations, stated, "Our goal is to 'enhance patient wellness' using disruptive medical innovations. With its market expertise, sales and distribution network, and existing customer relationships, Sanara represents an ideal partner to commercialize our innovative technologies. Together, we look forward to bringing transformative solutions to market that enhance the surgeon's treatment approach and improve patient outcomes."
About Biomimetic Innovations Ltd and PBC Biomed
Biomimetic Innovations Ltd is an affiliate of PBC Biomed, a medical device company involved in design, development and manufacturing. PBC Biomed partners with medical device, biologic, pharmaceutical and combination product innovators to accelerate their technology through the product lifecycle stages. The company offers regulatory, clinical, quality assurance and commercial support, and facilitates the design, development and validation of medical devices, biologics, and combination products. PBC Biomed's ISO 13485 facilities and ISO 9001 certified processes enable the company to perform clean room manufacturing, packing and sterilization for a range of medical device products. The company is headquartered in Shannon, Ireland, with offices in Memphis, Tennessee and Chamonix, France. PBC Biomed has a track record in developing and commercializing new technologies, bringing the N-Force Fixation/iN3 Cement to market through its affiliate company, CelgenTek Innovationsand pbcbiomed.com/affiliates/biomimeticinnovations/.
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, and BIAKOS® Antimicrobial Skin and Wound Irrigation Solution. 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. For more information, please visit sanaramedtech.com.
For Enquiries Contact:
Brittney Martinez
VP of Marketing & Business Development
Britt@pbcbiomed.com
