Pending additional grant approvals, the company will invest $1.5 million in capital, and $1.8 million in annual payroll to establish 26 highly paid jobs in Cleveland beginning January, 2009. This announcement affirms a trend of leading biomedical firms recently establishing US Headquarters in the Northeast Ohio region.
The new Cleveland Proxy Biomedical facility will be a full service operation that designs, develops, manufactures and markets biomaterials for the repair and regeneration of tissue for advanced surgical procedures. The operation will serve as both a market development site for new product platforms, and a US Headquarters.
Proxy Biomedical also considered other regions with strong life science clusters for this expansion, but ultimately chose Northeast Ohio because of the region's leading healthcare and educational institutions, such as the Cleveland Clinic and University Hospitals, and because of the State of Ohio's strong commitment to the biomedical industry. "Access to partners, customers and workforce is critical to Proxy Biomedical's success," says Peter Gingras, Proxy Biomedical CEO. "Establishing US Operations in Northeast Ohio will allow us to take advantage of critical product development support and clinical trials that will enable our accelerated growth and service to the world's largest market, the United States." Proxy has already developed strategic partnerships with a Dayton, Ohio firm, Case Western Reserve University, The Cleveland Clinic, and the Global Cardiovascular Innovation Center (GCIC). The new facility will provide a suite of wound coverings and biologic scaffold to support Cardiology, Urology, Gynecology, Colorectal, and Orthopedic surgical procedures.
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"Hernia repair is one of the most commonly performed surgical procedures worldwide. BioGlue is already approved for this particular indication in international markets, and we believe that BioGlue, coupled with Proxy Biomedical's proprietary meshes, will give surgeons a unique option for the repair of hernia and other fascial defects," stated Steven G. Anderson, president and chief executive officer of CryoLife, Inc.
"We believe that BioGlue provides a highly competitive method for atraumatic surgical mesh fixation. BioGlue has been used effectively for several surgical procedures, and we look forward to providing the product in kit form with our series of next generation surgical mesh products. BioGlue offers a simple and effective solution for surgical mesh fixation with enhanced procedural value," stated Peter Gingras, managing director of Proxy Biomedical Limited.
Currently, the most common methods of hernia mesh fixation include sutures and tacking systems. Between 10 and 20 percent of patients complain of pain resulting from hernia repair, most often associated with the fixation method. It is anticipated that the use of BioGlue, as an adjunct to sutures and tacking systems, will help minimize this incidence of postoperative pain.
BioGlue is distributed directly by CryoLife Europa in the UK and Germany for all types of soft tissue repair, including in cardiac, neuro and general surgery. In Ireland, the product is distributed through a distributor for the same indications.
About BioGlue BioGlue is a two-component adhesive that creates a flexible, mechanical seal, independent of the body's clotting mechanism, within 20 to 30 seconds, and reaches its maximum bonding strength in two to three minutes. It is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels, and is CE-marked in the European Community. In addition, BioGlue is approved in Canada for use in soft tissue repair and in Australia for use in vascular and pulmonary sealing and repair.
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the United States and Canada. For additional information about CryoLife please visit http://www.cryolife.com.
About Proxy Biomedical Limited
Founded in 2002, Proxy Biomedical Limited, located in Galway, Ireland, is a privately held, life science company engaged in commercializing proprietary biomaterials for the repair and regeneration of tissue. Proxy Biomedical's proprietary surgical mesh products include MotifMesh, VitaMesh, MotifMesh MIDS, and VitaMesh MIDS, which are CE marked for distribution within the European Community and FDA approved for distribution within the United States.
SOURCE CryoLife, Inc.