Quick-Med Technologies, Inc. (OTCBB:QMDT) announced today that the
Company has begun to receive royalty payments for its novel NIMBUS®
non-leaching antimicrobial technology. The royalty payment is from
Quick-Med licensee Derma Sciences, Inc. (OTCBB:DSCI) for initial sales
of its BIOGUARD™ dressings.
The Company believes that BIOGUARD sales are off to a strong start.
Royalties earned from late June to September 30, 2009 totaled more than
$79,000 representing initial BIOGUARD sales of nearly $400,000.
Quick-Med’s financial statements for the period ended September 30, 2009
reported only about $4,500 of the royalties as $75,000 was credited
against the advance royalty fees the Company had previously received in
accordance with the terms of the license agreement. There are no further
credits against future royalty fees; all future royalties are to be
reported as revenues.
The Company’s financial statements for the quarter ended September 30,
2009 also reflect modest revenues from BASF for sales of our MultiStat®
compound as well as revenues from Avery Dennison for work under a
Joint Development Agreement to develop medical grade NIMBUS adhesives.
MultiStat revenues were significantly lower than the same quarter last
year. The Company believes that this may reflect prior experience that
sales of the compound to cosmetics companies by BASF, the Company’s
manufacturing and distribution partner, can fluctuate considerably by
quarter and are susceptible to the inventory management practices of the
retail sector. End sales of cosmetics products that contain MultiStat
are ongoing, based on a continued presence of these products in retail
outlets that is similar to that in prior years. Quick-Med’s Form 10-Q,
filed on November 16, 2009, is available at www.sec.gov.
About BIOGUARD Wound Dressings
BIOGUARD dressings, which were introduced in June by Derma Sciences, are
the first wound care products to feature Quick-Med’s novel, FDA-cleared
NIMBUS technology. The dressings serve as a barrier to infection, kill
germs absorbed into the dressing, and do not interfere with tissue
healing. The NIMBUS active agent maintains effectiveness even in the
presence of large amounts of proteinaceous exudates.
NIMBUS is unique in that it is the only non-leaching antimicrobial wound
dressing, which the Company believes is an important distinction; other
antimicrobial dressings rely on the release of chemicals to the wound
bed that can impede the wound healing process. By its design, NIMBUS
poses minimal risk of bacteria developing resistance.
Quick-Med’s NIMBUS barrier gauze wound dressing received market
clearance on February 25, 2009 from the U.S. Food and Drug
Administration via FDA’s De Novo review process, a special
clearance program for low-risk medical devices that are found to be "not
substantially equivalent” to any predicate device. Derma Sciences
reported first commercial sales in late June. NIMBUS technology is
protected by nine Quick-Med U.S. patents and patents pending and 24
foreign counterparts.
About Quick-Med Technologies, Inc.
Quick-Med Technologies, Inc. is a life sciences company that is
developing innovative technologies for the healthcare and consumer
markets. Quick-Med is developing NIMBUS applications in several other
advanced wound dressing formats including adhesives, foams, hydrogels,
films, and hydrocolloids. For more information, see: www.quickmedtech.com.
© 2009 Quick-Med Technologies, Inc. All rights reserved. NIMBUS®
and MultiStat® are registered trademarks of Quick-Med
Technologies, Inc. BIOGUARD™ is a trademark of Derma
Sciences, Inc.
Forward-looking statements (statements which are not historical
facts) in this release are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained in this release that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the generality of the foregoing, words such
as "may", "will", "to", "expect", "plan", "believe", "anticipate",
"intend", "could", "would", "estimate", and/or "continue" or the
negative or other variations thereof or comparable terminology are
intended to identify forward-looking statements involve risks and
uncertainties, including those risks that are discussed in the Company's
filings with the Securities and Exchange Commission ("SEC"), which may
be accessed at the SEC's Edgar System at www.sec.gov.