MISSISSAUGA, ONTARIO--(Marketwire - June 15, 2010) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV), an advanced medical technologies company, announced today that it has signed a multi-year expanded agreement with an affiliate of C. R. Bard, Inc. ("Bard"). The agreement allows Bard to use Covalon's proprietary coating technology in an additional field of Bard products in return for an upfront payment of $500,000 USD and future royalty payments.
"Covalon has worked seamlessly with Bard's research and development group to deliver a complex and highly specialized coating for its products," stated William Jackson, Covalon Chief Business Officer. "This expanded application reaffirms the validity of our coating technology."
"I am extremely impressed with Covalon's team of scientists and engineers who delivered valuable product enhancements and allowed us to expand our relationship with Bard so quickly after signing the initial agreement," stated Brain Pedlar, Covalon President and CEO. "As we combine our skills in the lab with a strong commercialization model, we will be able to add significant value to our clients' product lines."
Covalon Technologies Ltd. is a unique medical technologies company engaged in the research, development, and commercialization of advanced tissue repair applications, infection control, and specialized coatings for medical and consumer products. Together, our technology platforms, wound care products, and consulting services deliver a suite of cost-effective solutions to help our customers achieve product differentiation through improved patient outcomes. Our technologies address important healthcare issues such as infection control, medical device biocompatibility and healthy tissue repair. To learn more about Covalon, visit our website at www.covalon.com.
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