REG - Adv Medical Solutns. - LiquiBand Fix8® US commercialisation agreement

Advanced Medical SolutionsAnnouncement

18/09/2023 07:00

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RNS Number : 6847M  Advanced Medical Solutions Grp PLC  18 September 2023

18 September 2023

 

Advanced Medical Solutions Group plc

("AMS" or the "Group")

 

AMS signs agreement with TELA Bio, Inc. to commercialise LiquiBand Fix8(®) in the US under the brand name LIQUIFIX™

 

US launch of LIQUIFIX™ at American Hernia Society Annual Meeting on 21
September

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the
world-leading specialist in tissue-healing technologies, today announces that
it has signed an agreement to commercialise LiquiBandFix8(®) in the US with
TELA Bio, Inc. ("TELA Bio"), a specialist medical technology designer and
developer of innovative soft-tissue reconstruction solutions that optimise
clinical outcomes, (NASDAQ: TELA).

Under the terms of the agreement, TELA Bio will market and distribute
LiquiBandFix8(®) under the brand name LIQUIFIX™ via its direct specialist
sales team across the United States with official launch at the American
Hernia Society Annual Meeting, taking place from 21-23 September. This
represents a significant commercial opportunity for AMS and TELA Bio as they
enter a new addressable market estimated at $200 million.

Headquartered in Malvern, Pennsylvania, TELA Bio has an established and
fast-growing footprint in the US market with products that focus on addressing
the shortcomings of existing reinforcement materials in hernia repair,
abdominal wall reconstruction and plastic reconstructive surgery. To service
its growing product portfolio, TELA Bio has projected that its salesforce is
expected to reach 75-80 representatives by the end of 2023. TELA Bio generated
revenues of $41.4 million (+41%) in 2022 and $26.4 million (+42%) in H1 2023,
with full year 2023 guidance of $60-65 million.

The signing of this agreement concludes a comprehensive selection process
involving a number of potential partners with a broad range of strengths and
marketing strategies. The outcome of this process made it clear that TELA Bio
brings the right combination of strengths and attributes, with a vision and
ambition that is closely aligned with and complements AMS' strategy and
aspirations.

LiquiBandFix8(®)/LIQUIFIX™ is already marketed in Europe and other non-US
territories and delivered strong growth in these markets in 2021, 2022 and
2023 year to date. AMS' experience in commercialising the product in these
markets has emphasised the importance of using specialist sales operations.
TELA Bio is an ideal partner for LiquiBandFix8(®)/LIQUIFIX™ in the US with
its hernia repair specialism, its focus on education and training, and its
commitment to improving patient outcomes through new technologies that address
the shortcomings of existing devices.

In June 2023, LiquiBandFix8(®)/LIQUIFIX™ was granted Pre-Market Approval
(PMA) by the US Food and Drug Administration (FDA) for its use in hernia
repair surgery. The device uses drops of cyanoacrylate adhesive instead of
sharp tacks to fix mesh to tissue inside the body during open and laparoscopic
hernia surgery. It is the first product of its kind to be approved in the US
and will benefit patients as the less invasive application is expected to
reduce pain and other post-operative complications.

Chris Meredith, Chief Executive Officer of AMS, commented: "TELA Bio's rapidly
growing sales presence in the US hernia repair market and its focus on new
technologies complement AMS' strengths and aspirations to improve quality
outcomes for patients and value for payers, making it the perfect partner to
launch and commercialise LIQUIFIX™ in the US. The launch of LIQUIFIX™ is a
significant milestone and commercial opportunity for AMS and we are very
pleased to be working with a US partner that shares our vision and commitment
to the benefits that the product can provide. In this respect we believe that
both companies are strongly aligned and we look forward to a long and
successful partnership together, starting with the preparations for the launch
in Q4 of this year."

Antony Koblish, Co-founder, President and Chief Executive Officer of TELA Bio,
commented: "LIQUIFIX™ has already gained significant adoption in Europe and
is demonstrating a clear benefit to patients while providing novel fixation
and tacking alternatives for surgeons. We believe this technology is well
aligned with our commercial strategy to deliver innovative and effective
solutions for soft-tissue repair and reconstruction. We look forward to
working closely with the AMS team to commercialise the product across the US
market."

- End -

 

 

For further information, please contact:

 

 Advanced Medical Solutions Group plc            Tel: +44 (0) 1606 545508
 Chris Meredith, Chief Executive Officer

 Eddie Johnson, Chief Financial Officer

 Michael King, Investor Relations

 ICR Consilium                                   Tel: +44 (0) 20 3709 5700
 Matthew Neal / Lucy Featherstone

 Investec Bank PLC (NOMAD & Broker)              Tel: +44 (0) 20 7597 5970
 Gary Clarence / David Anderson

 HSBC Bank PLC (Broker)                          Tel: +44 (0) 20 7991 8888
 Sam McLennan / Joe Weaving / Stephanie Cornish

About Advanced Medical Solutions Group plc

 

AMS is a world-leading independent developer and manufacturer of innovative
tissue-healing technology, focused on quality outcomes for patients and value
for payers. AMS has a wide range of surgical products including tissue
adhesives, sutures, haemostats, internal fixation devices and internal
sealants, which it markets under its brands LiquiBand(®), RESORBA(®),
LiquiBandFix8(®), LIQUIFIX™ and Seal-G(®). AMS also supplies wound care
dressings such as silver alginates, alginates and foams through its
ActivHeal(®) brand as well as under white label. Since 2019, the Group has
made five acquisitions: Sealantis, an Israeli developer of innovative internal
sealants; Biomatlante, a French developer and manufacturer of surgical
biomaterials, Raleigh, a leading UK coater and converter of woundcare and
bio-diagnostics materials, AFS Medical, an Austrian specialist surgical
business and Connexicon, an Irish tissue adhesives specialist.

AMS's products, manufactured in the UK, Germany, France, the Netherlands, the
Czech Republic and Israel, are sold globally via a network of multinational or
regional partners and distributors, as well as via AMS's own direct sales
forces in the UK, Germany, Austria, the Czech Republic and Russia. The Group
has R&D innovation hubs in the UK, Ireland, Germany, France and Israel.
Established in 1991, the Group has more than 800 employees. For more
information, please see www.admedsol.com (http://www.admedsol.com/) .

 

About TELA Bio, Inc.

TELA Bio, Inc. (NASDAQ: TELA) is a commercial-stage medical technology company
focused on providing innovative technologies that optimize clinical outcomes
by prioritizing the preservation and restoration of the patient's own anatomy.
The Company is committed to providing surgeons with advanced, economically
effective soft-tissue reconstruction solutions that leverage the patient's
natural healing response while minimizing long-term exposure to permanent
synthetic materials. For more information, visit www.telabio.com
(http://www.telabio.com) .

 

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