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Gliatech bankruptcy

This article was originally published in The Gray Sheet

Executive Summary

Cleveland biosurgery firm sells Adcon Gel assets to Wright Medical Group Jan. 3 for $8.4 mil. plus future royalties. The pact is expected to close in the first quarter, pending bankruptcy court approval. Discussions with undisclosed parties are ongoing for a sale of Gliatech's Adcon Solution assets (1"The Gray Sheet" Oct. 14, 2002, In Brief)...

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Stryker: Corin's Cormet hip resurfacing device will be sold by Stryker in the U.S. under a deal struck with the British orthopedic firm, Stryker CFO Dean Bergy said Sept. 8 at the Thomas Weisel Healthcare Tailwinds Conference in Boston. "It's very clear that hip resurfacing has been very well received in many European markets, Australia and Canada. I don't know that the opportunity will be as great in the U.S., but we felt like we'd have to be on the forefront of this technology," Bergy said. Stryker will purchase the hips from Corin on a transfer price basis. Corin has already submitted a PMA application to FDA for the device. If approved, the device will likely compete against Smith & Nephew's Birmingham Hip Resurfacing device, which garnered a positive recommendation from FDA's Orthopaedic & Rehabilitation Devices Panel Sept. 8 in Gaithersburg, Md....

Gliatech Adcon

All regulatory submissions related to the anti-adhesion technology over the next two years must be reviewed and certified by an independent auditor prior to submission to FDA under an agreement resolving issues raised in a December 2000 application integrity policy (AIP) letter from the agency. Gliatech plans to auction its Adcon assets as part of bankruptcy proceedings; the device is not available in the U.S. (1"The Gray Sheet" Sept. 30, 2002, In Brief)...

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