GAINESVILLE, Fla., March 25, 2010 (GLOBE NEWSWIRE) -- Quick-Med Technologies, Inc. (OTCBB:QMDT) announced today that it has signed a binding term sheet stipulating the key terms of a Patent and Technology License Agreement with Viridis BioPharma Pvt. Ltd. Under the forthcoming license, Viridis will manufacture, market and sell gauze wound dressings in India using Quick-Med's proprietary NIMBUS® antimicrobial technology.
The Company believes that the wound care market in India represents an important developing market for NIMBUS technology. India has a large population and a growing focus on health care. Yet simple gauze dressings represent an estimated 80-90% of the wound dressing market. NIMBUS antimicrobial gauze wound dressings will be a low cost way to achieve important quality improvements.
"Quick-Med is very excited that Viridis will be bringing our unique NIMBUS technology to the health care market in India," said J. Ladd Greeno, Quick-Med's CEO. "Viridis has the manufacturing capabilities and market presence to make NIMBUS a success in the fast growing India market."
Quick-Med expects NIMBUS to become an important technology in the $14 billion global wound care market as wound care companies and health care professionals look for more effective and efficient ways to prevent infections and avoid cross-contamination. The aging population will continue to drive significant growth in the wound care market while continuing attention on reducing hospital infection rates will accelerate the push for cost-effective antimicrobial dressings.
NIMBUS is the first non-leaching antimicrobial available in a wound dressing. It received U.S. Food and Drug Administration clearance in 2009. NIMBUS dressings serve as a barrier to infection, kill germs absorbed into the dressing, and do not interfere with tissue healing. The NIMBUS active agent maintains effectiveness even in the presence of large amounts of proteinaceous exudates.
The Company believes that being the only non-leaching antimicrobial dressing is an important distinction; other antimicrobial dressings rely on the release of chemicals to the wound bed that can impede the wound healing process. By design, NIMBUS poses no risk of bacteria developing resistance. NIMBUS technology is protected by nine U.S. patents and patents pending and 24 foreign counterparts.
About Quick-Med Technologies, Inc.
Quick-Med Technologies, Inc. is a life sciences company that is developing innovative technologies for the healthcare and consumer markets. Quick-Med is developing NIMBUS applications in several other advanced wound dressing formats including adhesives, foams, hydrogels, films, and hydrocolloids. For more information, see: www.quickmedtech.com.
About Viridis BioPharma Pvt. Ltd.
Through strategic associations with international pharmaceutical and biopharma companies, Viridis BioPharma Pvt. Ltd. commercializes products with therapeutic efficacy and growth potential in the Indian subcontinent and delivers a range of clinically-proven products to enable people to live better and more active lives. Viridis currently manufactures and markets a number of medical devices for companies, including B. Braun and American BioTech Labs. For more information, see: www.viridisbiopharma.com
© 2010 Quick-Med Technologies, Inc. All rights reserved. NIMBUS® is a registered trademark of Quick-Med Technologies, Inc.
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