CryoLife to distribute Starch Medical haemostatic agent

CryoLife has agreed a worldwide distribution deal with Starch Medical relating to a novel haemostatic agent used in various surgical procedures.

The deal will see CryoLife pay $6.8 million (4.3 million pounds) in cash and $1.3 million in restricted CryoLife stock for global rights to the CE Mark-accredited agent PerClot.

It is an absorbable powder haemostat which is designed for use in procedures such as cardiac, vascular, orthopaedic and spinal surgery, in instances where conventional means of bleeding control have proven ineffective.

This allows CryoLife to further capitalise on the potential of the European haemostatic market, which is expected to grow in value from $279 million to $430 million between 2010 and 2014.

Steven Anderson, president and chief executive officer of CryoLife, said: "We are very pleased to have secured the rights to this second-generation haemostatic agent and its laparoscopic delivery devices via an agreement that will allow us to serve a broader range of medical specialties."

In August 2010, CryoLife published its financial report for the second quarter of the year, during which the company experienced its best-ever Q2 revenue figures.