Comvita Medihoney Wound Care Sales Reaches Milestone
Tuesday 9 August 2011, 12:31PM
By Comvita New Zealand Limited
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Comvita’s global licensee for Medihoney® specialist wound care products, Derma Sciences Inc has announced it has achieved a key milestone for sales of MEDIHONEY®.
Under the terms of its exclusive worldwide licensing agreement with Comvita New Zealand Ltd., Derma Sciences will make a capital payment to Comvita of USD$1.0million on 30 August, 2011.
Derma Sciences, a US-based medical device and pharmaceutical company focused on advanced wound care, is now on a greater than USD$7.0 million annual sales run rate for MEDIHONEY®.
Chairman and CEO of Derma Sciences, Edward J. Quilty, said the rapid growth in MEDIHONEY® sales, which more than doubled in the first quarter of this year compared with last year, is due to the expansion of their sales team over the past year both in the U.S. and abroad.
“It is also due to the recognition among wound care clinicians of the excellent healing effects of this product, both anecdotally in their own patients and in published peer reviewed articles. With an annual run rate of more than USD$7.0 million now, and the expected launch next year of our recently 510(k)-cleared patented MEDIHONEY® Hydrogel dressings, we are looking forward to increasing our investment in dedicated sales representatives to continue to accelerate growth not only in our MEDIHONEY® line, but in our growing portfolio of advanced wound care products,” said Mr Quilty.
Comvita CEO Brett Hewlett said Comvita has been impressed by the dedication of the Derma Sciences team and commitment of resources to make MEDIHONEY® the world-leading brand of honey-based dressings for the management of wounds and burns.
Mr Hewlett said Comvita has an 8% ownership of Derma Sciences, a Nasdaq public listed company (Nasdaq:DSCI) and are very pleased to receive the success-based milestone.