Comvita’s MEDIHONEY® Wound Care Sales Reaches Milestone
Comvita’s Medihoney ® Wound Care Sales Reaches Milestone
Triggers USD$1 million Payment to Comvita
Comvita’s global licensee for Medihoney ® specialist wound care products, Derma Sciences Inc has announced it has achieved a key milestone for sales of MEDIHONEY® .
Under the terms of its exclusive worldwide licensing agreement with Comvita New Zealand Ltd., Derma Sciences will make a capital pay ment to Comvita of USD$1.0million on 30 August, 2011.
Derma Sciences, a US-based medical device and pharmaceutical company focused on advanced wound care, is now on a greater than USD $70 million annual sales run rate for MEDIHONEY®.
Chairman and CEO of Derma Sciences, Edward J. Quilty, said the rapid growth in MEDIHONEY® sales, which more than doubled in the first quarter of this year compared with last year, is due to the expansion of their sales team over the past year both in the U.S. and abroad.
“It is also due to the recognition among wound care clinicians of the excellent healing effects of this product, both anecdotally in their own patients and in published peer reviewed articles. With an annual run rate of more than USD $7.0 million now, and the expected launch next year of our recently 510(k)-cleared patented MEDIHONEY® Hydrogel dressings, we are looking forward to increasing our investment in dedicated sales representatives to continue to accelerate growth not only in our MEDIHONEY® line, but in our growing portfolio of advanced wound care products , ” said Mr Quilty.
Comvita CEO Brett Hewlett said Comvita has been impressed by the dedication of the Derma Sciences team and commitment of resources to make MEDIHONEY® the world- leading brand of honey-based dressings for the management of wounds and burns.
Mr Hewlett said Comvita ha s an 8% ownership of Derma Sciences, a Nasdaq public listed company (Nasdaq:DSCI) and are very pleased to receive the success-based milestone.
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About Comvita Ltd.
Comvita enjoys a reputation as a premium global natural health and beauty brand and is committed to the development of innovative products backed by credible scientific research. With a proud 37 year heritage in therapeutic bee-based products, Comvita is the world’s largest manufacturer and marketer of Manuka ( Leptospermum ) honey; however the Company has also developed its range of ingredient platforms, unique IP and products that meet global consumer preferences in natural health. Comvita offers products in the categories of Woundcare, Healthcare, Skincare and Functional Foods. The Company sells its products in over 14 countries with offices in New Zealand, Hong Kong, Australia, Japan, Taiwan, Korea and the UK.
About Derma Sciences, Inc.
Derma Sciences is a medical technology company focused on three segments of the wound care marketplace: traditional dressings, advanced wound care dressings, and pharmaceutical wound care products. Its MEDIHONEY® product is the leading brand of Active Leptospermum honey-based dressings for the management of wounds and burns. Other novel products introduced into the $14 billion global wound care market include XTRASORB® for better management of wound exudate, and BIOGUARD® for infection prevention. Derma Sciences has successfully completed a Phase 2 clinical trial in diabetic foot ulcer healing with DSC127, a novel pharmaceutical drug under development for accelerated wound healing and scar reduction.