ATLANTA, June 7 CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company whose products include BioGlue Surgical Adhesive, announced today that it has completed the purchase of U.S. patent # 6,329,337. The patent involves the formulation and use of recombinant human serum albumin and gluteraldehyde, and now becomes part of CryoLife's protein hydrogel patent portfolio, which includes BioGlue.
"CryoLife will continue to invest in emerging and adjacent intellectual property and tools that will complement our portfolio of surgical adhesives and glues for surgeons," said CryoLife president and CEO Steven G. Anderson. "With our acquisition of this technology, we have an additional opportunity to expand and strengthen our surgical adhesive portfolio," Anderson added.
CryoLife's BioGlue Surgical Adhesive is the leading surgical adhesive used in cardiovascular surgery around the world and is used in a wide range of reconstruction procedures. Composed of purified bovine serum albumin (BSA) and gluteraldehyde, BioGlue has been used in more than 550,000 surgical procedures and has been published in more than 250 preclinical and clinical papers discussing safety, efficacy, and application techniques since its launch in 1998.
"The strength of BioGlue assures the surgeon that delicate tissues are well reinforced and assists in controlling bleeding in complex surgery. We believe that these and other properties of BioGlue Surgical Adhesive make it a leading sealant used in complex cardiac and vascular surgery," Anderson said.
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S. and Canada. The Company's CryoValve® SG pulmonary heart valve, processed using CryoLife's proprietary SynerGraft® technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves. The Company's CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for the repair or reconstruction of the right ventricular outflow tract (RVOT), which is a surgery commonly performed in children with congenital heart defects, such as Tetralogy of Fallot, Truncus Arteriosus, and Pulmonary Atresia. CryoPatch SG is distributed in three anatomic configurations: pulmonary hemi-artery, pulmonary trunk, and pulmonary branch. The Company's BioGlue® Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company's BioFoam(TM) Surgical Matrix is CE marked in the European Community for use as an adjunct in the sealing of abdominal parenchymal tissues (liver and spleen) when cessation of bleeding by ligature or other conventional methods is ineffective or impractical. BIOGLUE Aesthetic® Medical Adhesive is CE marked in the European Community for periosteal fixation following endoscopic browplasty (brow lift) in reconstructive plastic surgery and is distributed by a third party for this indication. CryoLife currently distributes HemoStase®, a hemostatic agent, in much of the U.S. for use in cardiac and vascular surgery and in many international markets for cardiac, vascular, and general surgery, subject to certain exclusions.
Except for the historical information contained in this press release, the statements made by CryoLife are forward-looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements include the expectation that CryoLife will continue to invest in emerging and adjacent intellectual property and tools that will complement our portfolio of surgical adhesives and glues for surgeons, and our belief that, as a result of this acquisition, we have an additional opportunity to expand and strengthen our surgical adhesive portfolio. These future events may not occur as and when expected, if at all, and, together with our business, these statements are subject to a number of risks and uncertainties that are outside CryoLife's control, including the risk that plans for future investments may change based on the economy, the availability of cash and access to other forms of capital, and our overall business strategy, and any benefits to our surgical adhesive portfolio that may result from this acquisition are dependent on our ability to successfully develop and market a product based on the patent. CryoLife's business is also subject to a number of risks and uncertainties, including those risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K filing for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010. The Company does not undertake to update its forward-looking statements.
For additional information about the company, visit CryoLife's Web site: www.cryolife.com.
Media Contacts: D. Ashley Lee Executive Vice President, Chief Financial Officer and Chief Operating Officer Phone: 770-419-3355 Jerry Tolk Senior Vice President Edelman Health Phone: 404-832-6346
SOURCE CryoLife, Inc.