STOCKHOLM, Sweden, May 24, 2002 (PRIMEZONE) -- Vitrolife has opened a U.S. subsidiary, A-Life, Inc. in Newport Beach, California, to focus on final clinical development and marketing of its double cross-linked hyaluronan-based dermal implant product Hyalite(TM).
In conjunction with the restructuring of Vitrolife's Biosupportive Systems business area, the Company is in the process of divesting its hyaluronan-based Ophthalin(TM) and Fermathron(TM) products including the manufacturing plant in Edinburgh, Scotland. A non-binding term sheet has been signed with Ioltech S.A., a French ophthalmology company listed on the Paris Stock Exchange. The transaction, expected to be completed on July 1st, includes a contract manufacturing agreement with Ioltech, ensuring Vitrolife's access to syringe filling capacity.
The focus of A-Life, Inc. is to penetrate the 300 mUSD p.a. U.S. dermal injectable wrinkle removal market (source: American Society for Aesthetic Plastic Surgery, 2001). This market grew with over 50% from previous year. The U.S. represents approx. 75% of the world market for facial aesthetic surgery. Vitrolife's dermal implant product, Hyalite(TM) is based on a proprietary double cross-linking technology retained in A-Life, Inc. and will be further developed clinically in collaboration with leading plastic surgeons and dermatologists in the U.S.A.
"This demonstrates Vitrolife's strategy to focus on state-of-the-art, high margin products within the biomedical area," said Dr. Peter Svalander, President and CEO of Vitrolife AB (publ).
Goteborg 24 May 2002
Vitrolife AB (publ)
For information, please contact:
Vitrolife: President and CEO Dr. Peter Svalander, tel +46-31-721 80 01
CFO Stefan Jacobsson, tel +46-31-721 80 10
Vitrolife
Vitrolife's business mission is to develop, produce and sell advanced products and systems for the preparation, cultivation, preservation and support of cells, tissues and organs. Vitrolife intends to further expand the Company's production capacity to meet an expected increase in demand for its products, as well as strengthen its global market position as a leading company in the development of innovative cell and tissue technologies.
Vitrolife believes that the number of procedures performed annually involving tissue and cell technologies will increase as new treatments are introduced and existing treatments are improved. In addition, Vitrolife expects that the regulation surrounding approval processes and quality control for its products will increase. Vitrolife aims to create competitive advantages from this regulation by meeting and exceeding expected future demands of regulatory authorities, ahead of the Company's competitors.
Since it commenced its operations in 1993, Vitrolife has expanded rapidly. The Company currently has over 100 employees and sells its products in over 80 countries. During the latest five-year period, sales have steadily increased by and totalled more than SEK 100 million for the fiscal year 2001.
The Vitrolife share is listed on the Stockholm Exchange (Stockholmsborsen) O-list under the ticker VITR.
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