K2M Obtains Worldwide Exclusive Rights to Revolutionary Injectable Polymer Technology for Treatment of Spinal Disorders
LEESBURG, VA … November 12, 2008 – K2M, Inc., a spinal device company developing innovative solutions for the treatment of complex spinal pathologies, today announced that it has entered into an agreement with Promethean Surgical Devices, Inc. (PSD) for the worldwide exclusive rights for all spinal applications of a breakthrough injectable polymer technology which may be used to address numerous spinal disorders.
K2M’s commitment to a new Biomaterials Research and Development (R&D) Division signals its continued drive to being a market leader in the complex spine market. In furtherance of this goal, the unique injectable polymer obtained from PSD will serve as a platform for the development of new implantable technologies. This material has demonstrated properties that could lead to the development of a new treatment modality and earlier intervention to address pathologies, such as spinal nucleus degeneration, or less invasive surgical approaches for predictable annular repair.
“Acquiring this injectable polymer technology signals the beginning of a new phase in the growth of K2M and our commitment to the development of market leading technologies,” stated Eric Major, K2M’s President and CEO. “Our financial strength at K2M is allowing us to invest in new R&D activities and we are very pleased to be partnering with PSD for the research and commercialization of this revolutionary material.”
“It has been our ongoing belief that the material we have developed at PSD is ideal for spinal applications,” stated Jeff Wilson, PSD’s President and CEO. “With K2M’s expertise in the spinal market and its team of world renowned spinal surgeons, we believe we have found the ideal partner to provide focus for the R&D and commercialization of products utilizing this unique polymer technology.”
K2M, Inc. is an innovative spinal device company that develops simplified solutions for the treatment of complex spinal pathologies and procedures. Chief Medical Officer, Chairman and co-founder, Dr. John Kostuik, former Chief of Spine Surgery at The Johns Hopkins University School of Medicine, drives K2M’s commitment to redefining the market. K2M’s comprehensive line of products include; stabilization systems, minimally invasive systems, and other advancements in spine solutions for Degenerative Disc Disease (DDD), as well as deformity, trauma, and tumor. Additional information is available online at www.K2M.com.
PSD is a privately held biomaterials product development and manufacturing company focused on novel minimally invasive procedures and enabling products for multiple surgical specialties. PSD’s core technology is a proprietary polymer platform that has applications ranging from surgical adhesives to bio-benign device coatings and injectable tissue fillers. PSD was founded by Dr. Dix Poppas, MD, Dr. Michael Milbocker, PhD and Jeff Wilson, and is currently located in East Hartford, Connecticut.
Promethean Surgical Devices, Inc.
111 Roberts Street, Suite G-2
East Hartford, CT