BOSTON, Jul 22, 2009 (BUSINESS WIRE) -- Orthofix International N.V. (NASDAQ: OFIX) (the Company) announced today
that the Company has signed a License and Product Development Agreement
with Stout Medical Group, LP for the development and marketing of a new
expandable vertebral body replacement (VBR) and corpectomy device.
"Our agreement with Stout Medical is expected to allow us to provide a
treatment for the tumor and trauma segment of the spinal market and give
our surgeon customers a novel expandable corpectomy implant," said Alan
Milinazzo, President and CEO of Orthofix International. "Stout has a
proven history of developing novel implant designs for the spinal
market, and we are pleased to partner with them to commercialize their
design."
The initial term of the agreement is for 15 years, and gives Orthofix
exclusive global licensing rights to the new device, which is expected
to be introduced during the second half of 2010. According to a recent
market research report the U.S. market for VBR devices is currently
estimated to be approximately $77 million, with the expandable device
segment growing the fastest at approximately 12%.
"We are delighted to partner with Orthofix Spinal Implants on the
development and marketing of our very novel expandable VBR device," said
Tom Molz, President and CEO of Stout Medical Group.
The new device will be designed for use in corpectomy procedures during
which one or more vertebral bodies are removed in connection with the
removal of a tumor or due to a trauma to the spine. Expandable
corpectomy devices provide in situ expansion, eliminate the need to cut
the device to a specific size, and provide the surgeon with options for
less invasive incisions.
About Orthofix
Orthofix International, N.V., a global medical device company, offers a
broad line of minimally invasive surgical, and non-surgical, products
for the spine, orthopedic, and sports medicine market sectors that
address the lifelong bone-and-joint health needs of patients of all
ages-helping them achieve a more active and mobile lifestyle. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
including BREG, Inc. and Blackstone Medical, Inc., and via partnerships
with other leading orthopedic product companies. In addition, Orthofix
is collaborating in R&D partnerships with leading medical institutions
such as the Musculoskeletal Transplant Foundation, the Orthopedic
Research and Education Foundation, Rutgers University, Texas Scottish
Rite Hospital for Children and National Osteoporosis Institute. For more
information about Orthofix, please visit www.orthofix.com.
Forward-Looking Statements
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
Factors that could cause or contribute to such differences may include,
but are not limited to, risks relating to the expected sales of its
products, including recently launched products, unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, risks relating to the protection of intellectual
property, changes to the reimbursement policies of third parties,
changes to and interpretation of governmental regulation of medical
devices, the impact of competitive products, changes to the competitive
environment, the acceptance of new products in the market, conditions of
the orthopedic industry and the economy, corporate development and
market development activities, including acquisitions or divestitures,
unexpected costs or operating unit performance related to recent
acquisitions and other factors described in our annual report on Form
10-K and other periodic reports filed by the Company with the Securities
and Exchange Commission.
SOURCE: Orthofix International N.V.
Orthofix International N.V.
Dan Yarbrough, 617-912-2903
Vice President of Investor Relations
danyarbrough@orthofix.com
Copyright Business Wire 2009