TORONTO, CANADA / ACCESSWIRE / September 3, 2019 / Interface Biologics Inc. ("IBI"), a privately held, commercial stage developer of innovative material science technologies for Medtech and Pharmaceutical applications, is pleased to announce the sale of its surface modification business to Evonik (EVR:ETK), a German based specialty chemical company with revenues in excess of €13 billion in 2018. The Health Care business line of Evonik, a leading supplier of products and services to the pharmaceutical, medical device and nutraceutical industries, will be running the business. The sale does not include IBI's licensing agreement with Fresenius Medical Care for certain dialysis fields of use.
IBI's surface modification business is centered around its Endexo technology, patent protected macromolecules which enhance the biocompatibility of medical devices that come in contact with blood, tissue or other biological fluids. These low molecular weight fluoro-oligomeric additives migrate to the top few nanometers of the devices surface without any changes required in the manufacturing process. In the presence of blood, the modified surfaces are able to suppress procoagulant protein conformation, reduce platelet adhesion and inhibit platelet activation. In the presence of bacteria mediated fluids, the modified surfaces are effective at reducing bacteria adhesion and encrustation. Endexo modified devices have been clinically proven to reduce infection and thrombus-related complications in FDA-cleared medical devices. The Endexo platform technology can be applied to a variety of base polymers and manufacturing techniques and become an integral part of the base material without compromising device functionality.
"We are excited to onboard the Endexo technology in our portfolio," said Jean-Luc Herbeaux, SVP and General Manager of the Health Care business line of Evonik. "Endexo expands our ability to serve as a development partner and solution provider to medical device companies worldwide. The team of Interface Biologics has done an exemplary job developing this innovative technology and bringing it to market. We look forward to applying our global business development capabilities and technical prowess to further expand the geographic and application footprint of Endexo."
"This is an exciting time for our organization", stated Tom Reeves, President & CEO of Interface Biologics, Inc. "The sale of our Surface Modification business to Evonik is the culmination of years of hard work in developing the underlying Endexo technology and building value for our customers by improving the safety and effectiveness of their medical devices. We have been working with Evonik on joint development opportunities over the last few years and I'm confident that the combination of our technology platform and the technical, commercial and financial resources of Evonik will allow us to accelerate the utilization of the Endexo technology in broader sectors of the medical device market. I'm proud that a major multinational player like Evonik has chosen to build on IBI's expertise in surface modification by maintaining a presence in Toronto which is a testament to the capabilities of the entire local ecosystem. I'm also excited about the continued progress with our Epidel and Kinesyx local drug delivery technology platforms and look forward to communicating specifics on our product development and financial strategies in the next few months."
About Interface Biologics:
Interface Biologics (IBI) is an early commercial stage privately held company that develops innovative materials for Medtech and Pharmaceutical applications. IBI surface modification additives are used in FDA-approved medical devices and are clinically proven to reduce infection and thrombus-related complications. IBI's sustained local drug delivery technology is applicable across a range of drug classes and medical specialties with an initial focus on ophthalmology. www.interfacebiologics.com
About Evonik:
Evonik is one of the world leaders in specialty chemicals. The focus on more specialty businesses, customer-oriented innovative prowess and a trustful and performance-oriented corporate culture form the heart of Evonik's corporate strategy. They are the lever for profitable growth and a sustained increase in the value of the company. Evonik benefits specifically from its customer proximity and leading market positions. Evonik is active in over 100 countries around the world. In fiscal 2018, the enterprise with more than 32,000 employees generated sales of €13.3 billion and an operating profit (adjusted EBITDA) of €2.15 billion from continuing operations.
Media Contact:
Julie Fotheringham, Partner, Hageman Communications
M: 416-951-7988 E: Julie.fotheringham@hageman.ca
SOURCE: Interface Biologics Inc.
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