aap Implantate AG Licenses Proprietary Biomaterials Product to a World Leading Medical Technology Company
Exclusive Ex-U.S. License for Injectable Bone Matrix Covers Orthopedic and Spine Applications
Under terms of the exclusive license agreement, which covers the use of the injectable bone matrix product in orthopedic and spine applications, aap will receive a one-time license fee of $2.8 million (approximately EUR 2.1 million) in exchange for a worldwide license, excluding the United States, to sell the product. aap retains the U.S. marketing rights to the product, where it is already approved for use in dental applications, and will be the sole manufacturer of the product.
aap's broad portfolio of biomaterials includes bone cements and cementing techniques and products for bone replacement and soft tissue regeneration. The licensed product is a proprietary, intellectual property backed, ready-to-use, injectable bone matrix in paste form. It consists of 100% synthetic, nanoparticular, phase-pure hydroxylapatite and is quickly converted into bone after three months. It is used in orthopedic, trauma, and neurosurgery procedures to fill and reconstruct bone defects and can also be used in conjunction with autograft or allograft as a bone graft extender.
Biense Visser, Chief Executive Officer of aap Implantate AG, said, "This license agreement provides great validation of our biomaterials technology and is in-line with our strategy to focus on trauma and cement products for the orthopedic market. We have found an ideal partner with a large global sales and marketing organization to drive increased sales of this unique injectable bone matrix product. As the manufacturer of the product, aap will benefit from this growth while focusing on our core trauma and bone cement businesses. The revenue from this license agreement will strengthen aap's financial base and will be used to support the worldwide marketing of our LOQTEQ® product family."
aap Implantate AG
aap is a global medical device company headquartered in Berlin, Germany that develops, manufactures and markets innovative biomaterials and implants that are used in orthopedic procedures. The Company's products, which include a full line of plating systems, cannulated screws and bone cement products, are primarily used in the orthopedic specialty areas of trauma and spine repair. The Company's products are sold through its direct sales force, distribution partners and license agreements with OEM partners. aap's stock is listed in the Prime Standard segment of the Frankfurt Stock Exchange. For more information, please visit www.aap.de.