Macropore Inc. IR-Pages
MacroPore Biosurgery Completes 12-month Study Required for $5 million Payment
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MacroPore Biosurgery Completes 12-month Clinical Evaluation of Bone Repair
Implants Required for $5 million Payment Related to CMF/N Sale
San Diego, CA, December 5, 2003. MacroPore Biosurgery, Inc. (Frankfurt Stock
Exchange: XMP) (MacroPore) announced today that it has completed the 20-patient,
12-month clinical evaluation of the new Faster Resorbing Polymer (FRP)
bioresorbable implant system required for a $5 million payment related to the
sale of the Craniomaxillofacial/ Neurosurgical (CMF/N) business unit to
Medtronic. The study results have been submitted to Medtronic and MacroPore
expects payment by year-end 2003.
Following the $5 million payment, MacroPore will have received $19 million
related to the CMF/N sale, which was valued at up to $21 million. The company is
currently working with Medtronic to meet the final condition of the sale
agreement, which is to complete transfer of manufacturing Know-How. This will
result in an additional $2 million milestone payment. Receipt of the final $2
million payment, now expected in 2004, will mark the close of the transaction
and allow MacroPore to recognize up to $10 million on the sale of CMF/N assets
currently held on our balance sheet as deferred gain.
end of ad-hoc-announcement (c)DGAP 05.12.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
“This study demonstrates the versatility of our bioresorbable technology
platform, from which we have successfully brought three FDA-cleared surgical
product lines to market and built a rich pipeline of development-stage programs
that include applications for vascular and orthopedic markets,” said Christopher
J. Calhoun, CEO of MacroPore Biosurgery. “Further, we believe the milestone
payment is representative of our ability to capture value from our technologies,
allowing us to address increasingly larger markets with new product lines, such
as the cardiovascular cell therapy program, while maintaining a strong cash
position.”
The FRP system products are cleared by the FDA for craniofacial and
neurosurgical applications. They were developed by MacroPore as an extension of
its CMF product line and they consist of bioresorbable protective sheets and
screws designed for bone repair applications where rapid healing is expected,
including pediatric applications. The data collected indicates that the FRP
system is comparable in safety and efficacy to the CMF/N fixation systems.
About MacroPore Biosurgery, Inc.
MacroPore Biosurgery, Inc. is a leader in the design, development, and
production of bioresorbable polymer implants for use in a variety of surgical
applications and is pioneering advancement of regenerative medicine for surgical
therapies using adult stem cells derived from a patient’s own adipose (fat)
tissue. Some products designed for use in spine, neurosurgical, and
musculoskeletal surgeries are distributed by Medtronic, while other products
designed for use with soft tissue are distributed through our direct US sales
force and an international distribution network. MacroPore Biosurgery is traded
on the Frankfurt Stock Exchange in Germany under the symbol ‘XMP’. For further
information please visit the web site www.macropore.com.
MacroPore Biosurgery Disclaimer This press release may include forward-looking
statements regarding events and trends which may affect MacroPore Biosurgery’s
future operating results and financial position. Such statements are subject to
risks and uncertainties that could cause MacroPore Biosurgery’s actual results
and financial position to differ materially. These risks and uncertainties are
described (under the heading “Risk Factors”) in our 2002 Annual Report which is
available on our web site. MacroPore Biosurgery assumes no responsibility to
publicly release the results of any revision of forward-looking statements to
reflect events, trends or circumstances after the date they are made.
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WKN: 940682; ISIN: USU553961025; Index: NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart
050800 Dez 03
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