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Biotech / Medical : ATIS is on the move! -- Ignore unavailable to you. Want to Upgrade?

To: Rick Strange who wrote (1284)	1/14/1998 6:46:00 PM
From: Jeffers Hughes	Read Replies (1) \| Respond to of 2205

Here is the detailed news: [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] Wednesday January 14, 5:00 pm Eastern Time Company Press Release SOURCE: Advanced Tissue Sciences, Inc. Advanced Tissue Sciences and Smith & Nephew Expand Dermagraft(R) Joint Venture To Include Worldwide Commercialization of Dermagraft for Venous and Pressure Ulcers and Dermagraft-TC(TM) Internationally LA JOLLA, Calif., Jan. 14 /PRNewswire/ -- Advanced Tissue Sciences, Inc. (Nasdaq: ATIS - news) and Smith & Nephew plc announced today that they have signed a binding letter of intent expanding their fifty-fifty joint venture to include venous ulcers, pressure sores, burns and other wounds. The joint venture was originally formed in April 1996 for the worldwide commercialization of Dermagraft for the treatment of diabetic foot ulcers. The letter of intent expands the joint venture to include the worldwide development and marketing of Dermagraft for the treatment of venous ulcers and pressure sores and the marketing of Dermagraft-TC outside the United States. Under the expanded agreement, Advanced Tissue Sciences will receive at least $35 million in payments from Smith & Nephew within the next twelve months for the additional indications, including an immediate $20 million investment in the Company's common stock. Payments to Advanced Tissue Sciences including the diabetic foot ulcer indication, can potentially total up to $181 million, (including the equity investment), subject to the achievement of certain milestones. ''Our partnership with Smith & Nephew has made significant progress, having launched Dermagraft for the treatment of diabetic foot ulcers in the United Kingdom, Canada and other European countries,'' said Arthur J. Benvenuto, Chairman and Chief Executive Officer of Advanced Tissue Sciences. ''The expansion of the joint venture allows us to apply this same momentum to the venous and pressure indications for Dermagraft.'' ''Seeing Dermagraft at work in the diabetic foot ulcer patient has been extremely exciting for Smith & Nephew,'' stated Chris O'Donnell, Chief Executive of Smith & Nephew. ''The expansion of the joint venture is an expected and natural extension of our partnership. Dermagraft for venous and pressure ulcers and Dermagraft-TC for burns plays directly to Smith & Nephew's sales and marketing strengths.'' Dermagraft, a bioengineered living, human dermal replacement, is currently being marketed for the treatment of diabetic foot ulcers in several countries outside the U.S. Dermagraft is also scheduled for review by the General and Plastic Surgery Devices Panel of the U.S. Food and Drug Administration on January 29, 1998. Dermagraft-TC is the first human, fibroblast-derived temporary skin substitute for the treatment of partial and full-thickness burns being marketed in the United States. Advanced Tissue Sciences, Inc. is a tissue engineering company utilizing its proprietary core technology to develop and manufacture human tissue products for tissue repair and transplantation. In addition to developing Dermagraft, the Company is currently marketing Dermagraft-TC, a temporary covering for partial and full-thickness burns in the United States, under marketing approvals from the FDA. The Company also is developing products for cartilage and cardiovascular applications. Smith & Nephew, a leading worldwide healthcare company with more than $1.5 billion in annual sales, has a highly successful track record in developing, manufacturing and marketing a wide variety of innovative and technologically advanced tissue repair products, primarily in the areas of bone, joints, skin and other soft tissue. Smith & Nephew has extensive marketing and distribution capabilities and sales in more than 90 countries. The discussion contained in this press release relating to approval and commercialization of the Company's products, market opportunities and therapeutic benefits involves risks and uncertainties. No assurance can be given that the Company will successfully obtain Food and Drug Administration or other regulatory approvals of Dermagraft (or that any such approvals will be obtained on a timely basis), scale up manufacturing processes, launch its products within indicated timeframes, achieve payment milestones, obtain reimbursement for, or successfully commercialize any such products. These and other risks are detailed in the Company's publicly available filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Actual results may differ materially from those currently anticipated as a result of such risks. SOURCE: Advanced Tissue Sciences, Inc. More Quotes and News: Advanced Tissue Sciences Inc (Nasdaq:ATIS - news) Related News Categories: biotech, medical/pharmaceutical Help Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?