Sono-Tek signs medical device coating machinery agreement with Avior Bio Inc.
M2 EQUITYBITES-September 23, 2019-Sono-Tek signs medical device coating machinery agreement with Avior Bio Inc
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Sono-Tek Corporation (OTCQX:SOTK) disclosed on Friday the launch of an agreement for the use of its ultrasonic coating equipment in Avior Bio Incorporated's product development and future manufacturing process.
The terms of the transaction were not disclosed by the parties. However, Avior Bio will pay in a combination of cash and Avior Bio equity.
Located in Durham, North Carolina, Avior Bio is a clinical stage, pharmaceutical company developing drugs for distressed neurological conditions. Using its powerful, patent-pending Speedit transmucosal drug delivery nano technology, it is positioned to develop products that bring unsurpassed value in efficacy and safety. Its lead candidate AV104 is targeted for treatment of a dermatological morbidity condition manifested by Chronic Kidney Disease associated Pruritus (CKD-aP), which results in itchy, scaly, excoriated nodules on the skin.
According to R. Stephen Harshbarger, Sono-Tek's president, Sono-Tek coating machinery will used in Avior Bio's Speedit manufacturing process and Sono-Tek will be an early investor in Avior.
Founded in 1975, Sono-Tek Corporation is a developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Its ultrasonic spray systems are used in implantable medical device coatings, stents, printed circuit board spray fluxing, semiconductor coatings, solar and fuel cell manufacturing, thin film glass deposition, food and other industrial coatings, among others.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 23, 2019|
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