|[July 25, 2014]
Derma Sciences CEO Discusses Continued Growth of MEDIHONEY® at Comvita Annual Meeting of Shareholders
PRINCETON, N.J. --(Business Wire)--
Derma Sciences, Inc. (Nasdaq:DSCI), a tissue regeneration
company focused on advanced wound care, announces that Edward J. Quilty,
its chief executive officer, delivered a presentation highlighting
MEDIHONEY® and its robust growth at the Comvita Ltd. annual meetings of
shareholders in New Zealand on Thursday, July 24. During his remarks Mr.
Quilty stated that the Company's sales of MEDIHONEY dressings are
expected to approach $20 million in 2014, which would represent an
increase of approximately 23% compared with 2013 sales.
Comvita supplies medical grade Manuka honey to Derma Sciences for use in
the MEDIHONEY product line. In September 2013 Derma Sciences made a $7.0
million equity investment in Comvita, representing a 7.2% ownership
stake, in order to solidify its honey source, and support manufacturing
upgrades and the purchase of additional apiaries. Mr. Quilty was
appointed to the Board of Directors of Comvita in conjunction with the
"We are thrilled with our investment in Comvita, as it has allowed us to
continue to expand the market for MEDIHONEY both in the U.S. and around
the world, assuring the excellent quality, supply and pricing for this
high-demand product," said Mr. Quilty. "As an anchor product in our
advanced wound care product portfolio, with multiple studies showing its
utility in treating chronic wounds and burns, the MEDIHONEY product line
has given our expanded sales force an important entrée into U.S. wound
care clinics. The acceptance of our MEDIHONEY line has been truly
gratifying, with so many key opinion leaders standing behind its
efficacy. I applaud the efforts of our sales and marketing team to
educate the medical community on its benefits. Now with the recent
launch of our AMNIO placental tissue regeneration products, and the
approval by the U.S. Veterans Administration for the addition of
AMNIOEXCEL® to the Federal Supply Schedule, we are well positioned to
expand our advanced wound care portfolio to include tissue regeneration."
Brett Hewlett, chief executive officer of Comvita, said, "Derma Sciences
has been a wonderful partner and we continue to be very pleased with the
sustained growth of MEDIHONEY they have delivered over the past few
years. With a three-year compound annual growth rate of 36% through June
2014 and expansion to ew indications such as burns, radiation oncology
and acute care, we are confident that Derma Sciences will continue to be
the excellent partner it has proven itself to be thus far."
About Comvita Ltd.
Comvita (NZX:CVT) is a global natural health company committed to the
development of innovative products, backed by ongoing investment in
scientific research. It is the world leader in Manuka (leptospermum)
honey and fresh-picked Olive Leaf Extract, which are at the core of the
Comvita product range.
It has approximately 50% of honey supply under direct ownership or
control, with the balance of supply from long term contractual and
partnership arrangements. Comvita pioneered the development and use of
medical grade Manuka honey and was the first to receive U.S. FDA
It partners with U.S. wound care company Derma Sciences Inc., the global
licensee for MEDIHONEY® specialist wound care products, which are used
in hospitals and medical centres around the world. Comvita's Olive Leaf
Extract is grown, harvested, extracted and bottled at the world's
largest specialised olive leaf grove, with over one million olive trees.
Comvita sells into more than 18 countries through a network of its own
branded retail locations, online (nine country specific e-commerce
websites) and third-party outlets. It has over 450 staff located in New
Zealand, Australia, Hong Kong, Japan, Taiwan, South Korea, the United
Kingdom and the USA.
About Derma Sciences, Inc.
Derma Sciences is a tissue regeneration company focused on advanced
wound and burn care. It offers a line of products with patented
technologies to help better manage chronic and hard-to-heal wounds, many
of which result from diabetes and poor vascular functioning. The company
recently entered the $500 million market for skin substitute products
with its licensing of AMNIOEXCEL® and AMNIOMATRIX® in the first quarter
of 2014. AMNIOEXCEL® was launched to customers in March 2014 and
AMNIOMATRIX ® was launched in the second quarter. Its MEDIHONEY® product
is the leading brand of honey-based dressings for the management of
wounds and burns. The product has been shown in clinical studies to be
effective in a variety of indications. TCC-EZ® is its gold-standard
total contact casting system for diabetic foot ulcers. Other novel
products introduced into the $14 billion global wound care market
include XTRASORB® for better management of wound exudate, and BIOGUARD®
for barrier protection against microbes and other contaminants. Its
pharmaceutical wound care products include DSC127, which is currently in
Phase 3 clinical trials for the healing of diabetic foot ulcers. The
drug candidate is also part of a BARDA grant program for the
healing/prevention of tissue damage due to ionizing radiation exposure.
The patented API peptide used in DSC127 is also in preclinical testing
for scar prevention/reduction. The company also offers a full product
line of traditional dressings.
For more information please visit www.dermasciences.com.
Statements contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements. Without
limiting the generality of the foregoing, words such as "may," "will,"
"expect," "believe," "anticipate," "intend," "could," "estimate" or
"continue" are intended to identify forward-looking statements. Readers
are cautioned that certain important factors may affect the company's
actual results and could cause such results to differ materially from
any forward-looking statements that may be made in this news release or
that are otherwise made by or on behalf of the company. Factors that may
affect the company's results include, but are not limited to, product
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and forward-looking statements include but are not limited to, those
discussed in the company's filings with the U.S. Securities and Exchange
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