Synovis Life Technologies Receives CE Mark Approval For The Use Of Veritas(R) Collagen Matrix In Hernia Repair And Breast Reconstruction

Main Category: Medical Devices / Diagnostics
Also Included In: Regulatory Affairs / Drug Approvals
Article Date: 23 Oct 2009 - 22:00 PDT

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Synovis Life Technologies, Inc. (Nasdaq: SYNO), a leading biomaterial and surgical products company, has received CE Mark approval for its Veritas® Collagen Matrix, allowing the company to sell Veritas in the European hernia repair and breast reconstruction markets. Veritas is an extremely conformable and strong biomaterial which acts as a "scaffold" that allows for rapid repopulation and revascularization by the surrounding host tissue.

"CE Mark approval for these indications is a significant milestone for Veritas. With the addition of the European market for hernia repair and breast reconstruction, we look forward to expanding our presence in the worldwide soft tissue repair market and increasing our international revenue," said Richard W. Kramp, Synovis Life Technologies president and chief executive officer. "We have already trained our independent distributors in Europe on the advantages of Veritas, and they will immediately start to sell Veritas to the European physician community. The hernia repair and breast reconstruction applications represent large and strong European market opportunities for Synovis."

Veritas is an exceptionally supple and durable product. In addition to providing strength and flexibility, Veritas avoids acute and chronic infections and unwanted chronic inflammation that occurs frequently in response to the use of synthetic patches. The distinct characteristics of Veritas, which include its pericardial substrate and proprietary processing, offer functional and ease of use advantages over other biological patches.

Synovis launched Veritas into the ventral hernia market in the United States in early 2007 and in the breast reconstruction market in 2008. Revenue for Veritas in the fiscal third quarter ended July 31, 2009 was $2.4 million, an increase of 82 percent from the year-ago period and an increase of 10 percent sequentially from the fiscal 2009 second quarter.

Source
Synovis Life Technologies