Hextend Sales Begin, BioTime Receives Milestone Payments.
BioTime, Inc. (NASDAQ:BTIM) today announced that it has received milestone payments due from Abbott Laboratories under its Exclusive License Agreement for Hextend(R), BioTime's proprietary physiologically balanced blood plasma volume expander. BioTime received a total of $850,000 from Abbott for achieving FDA approval of Hextend(R) and commencing sales under the agreement.
"Hextend(R) is now available to hospitals and clinics across the United States," said Dr. Paul Segall, BioTime chairman and chief executive officer. "With Abbott directing the marketing effort of this exciting new product, we look forward to increasing awareness and acceptance by physicians." Hextend(R) was approved for the treatment of large volume blood loss during surgery, and is the only plasma expander that contains multiple electrolytes, glucose, a physiological buffer and hetastarch. Hextend(R) is also completely sterilized to avoid risk of infection.
Hextend(R) addresses a domestic market for surgical solutions thought to exceed $400 million in size annually. The largest segment of this market is currently albumin sales. In BioTime's Phase III clinical trials which led to Hextend(R)'s approval, albumin which is derived from human blood, was not used intraoperatively. The Phase III clinical trial investigators reported that an average of 1.6 liters of Hextend(R) was used in surgical procedures. No serious related adverse events were reported, even when Hextend(R) was given in volumes as high as 2 to 5 liters.
BioTime, headquartered in Berkeley, California, is engaged in the research and development of blood plasma volume expanders, solutions for low temperature surgery and organ preservation, and technology for use in surgery, emergency trauma treatment, the preservation of organs awaiting transplant, and other applications.
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to BioTime's ability to obtain FDA and foreign regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime's products; BioTime's ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; the availability of ingredients used in BioTime products; and the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 25, 1999|
|Previous Article:||Network Alchemy Partners with AboveNet to Offer Secure Private Network Services; Alchemy CryptoCluster Servers to be Co-located in AboveNet's Secure...|
|Next Article:||KILL BW0426, PA-SAP/TECH-ED-CONF and KILL BW0224, CQN-PA-SAP/TECH-ED-CONF.|