Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the global medical technology company, today announces that it has acquired the remaining 50.6% of the shares in Corpura B.V. from Recticel its Joint Venture partner for a consideration of 1.5 million plus 0.8 million to repay funding of working capital to Recticel As a result AMS now owns 100% of Corpura, a profitable manufacturer of hydrophilic polyurethane foam.
Hydrophilic polyurethane foam is one of the largest and fastest growing segments of advanced woundcare, currently estimated to be worth $900 million and growing at 20% per annum.
Established in 2004, Corpura develops and produces hydrophilic polyurethane foam for a broad range of medical companies at a dedicated R & D and manufacturing facility in Etten Leur, The Netherlands. It currently supplies AMS with polyurethane foam for inclusion into its advanced woundcare dressings.
The strategic rationale behind entering the Joint Venture and for now completing the acquisition of Corpura is that it provides AMS with another platform technology for delivering actives/anti-microbials to prevent infection and help accelerate wound healing utilising the Group’s R & D capability and intellectual property portfolio. A number of such developments are currently underway and in August 2009 the Group announced that it had received 510(k) clearance from the FDA to market a silver polyurethane anti-bacterial foam dressing in the US.
Commenting on this announcement, Dr. Don Evans, Chief Executive Officer of Advanced Medical Solutions, stated:
“Having validated the strategic rationale for entering the Joint Venture last year, I am pleased that we have been able to complete this transaction which provides us with an excellent business in line with AMS’s existing commercial model and also gives us a more powerful technology position in a key growth area in advanced woundcare.”