Let the number counting begin:
Hextend Sales Begin, BioTime Receives
Milestone Payments
August 26, 1999
BERKELEY, Calif.--(BW HealthWire)
via NewsEdge Corporation --
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 ...etc.
CONTACT: BioTime, Inc. | Ronald
Barkin, 510/845-9535
[Copyright 1999, Business Wire] |
