TIDMAMS
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(R) in the US under the brand name LIQUIFIX(TM)
US launch of LIQUIFIX(TM) 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(R) 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(R) under the brand name LIQUIFIX(TM) 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(R) /LIQUIFIX(TM) 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(R) /LIQUIFIX(TM) 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(R) /LIQUIFIX(TM) 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(TM) in the US. The launch of LIQUIFIX(TM) 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(TM) 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(R) , RESORBA(R) , LiquiBandFix8(R) , LIQUIFIX(TM)
and Seal-G(R) . AMS also supplies wound care dressings such as
silver alginates, alginates and foams through its ActivHeal(R)
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 .
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 .
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September 18, 2023 02:00 ET (06:00 GMT)
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