Admedus (ASX:AHZ) said today it inked an exclusive distribution agreement with Coroneo to sell its Extra aortic annuloplasty ring ing and other heart valve surgery instruments in Germany and the U.K.
Canada-based Coroneo’s Extra aortic ring is designed to repair aortic valves by supporting dystrophic aortic tissue and a downsized dilated valve annulus to restore proper cusp contact.
“This is a very exciting partnership for Coroneo, as we continue to expand the global reach of our unique products. We believe the Coroneo range is synergistic with CardioCel and Admedus’ work in this space, as we both provide surgeons with specialized implantable devices and instruments to facilitate the repair and reconstruction of dysfunctional heart valves,” Coroneo CEO Anthony Paolitto said in a press release.
Admedus said the Extra aortic ring is complimentary to the company’s own CardioCel bio-scaffolds, which are regenerative tissue patches designed for cardiac and vascular repairs and reconstructions and promote autologous growth. Sales of the Extra aortic ring will operate through Admedus’ existing sales and marketing infrastructure.
“We are very pleased to have signed this agreement with Coroneo as it expands our product portfolio in the cardiovascular space, as well as adding to our ongoing sales growth and generating increased revenue from our existing in-house resources. Admedus is pleased to add additional products into the sales and marketing product portfolio and we will continue to look for further complementary products as the Company continues to grow,” Admedus CEO Lee Rodne said in prepared remarks.
The agreement comes with an option to extend the partnership to other regions outside Germany and the U.K. in the future. The companies will launch Coroneo products in the U.K. and Germany in April this year.
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