FORT WORTH, Texas, May 16, 2011 /PRNewswire/ -- Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK) a leader in advanced wound care solutions, today announced that Pharma Tech International (PTI), a joint venture of its subsidiary BioPharma Management Technologies, has signed an annual $500,000 minimum sales agreement with Cure Hands, a company of international trade based in Saudi Arabia.
In the agreement, Pharma Tech International, the exclusive distributor of CellerateRX® in certain countries throughout the Middle East and Northern Africa, grants Cure Hands the exclusive rights of sales and distribution for CellerateRX® in Saudi Arabia based on an initial $50,000 order of CellerateRX® products, to be followed by Cure Hands posting a stand by letter of credit for an additional $450,000 within 60 days to fund its annual minimum required purchase.
Shadi Arnita, President of Pharma Tech International said, "We are pleased that the Cure Hands agreement allows CellerateRX® to penetrate a strategically important market. We are now working with our contacts in countries throughout the Middle East and Northern Africa to reach additional similar deals in the future."
Commenting on the agreement and product efficacy, Fawaz Al-Fawzan, Managing Director of Cure Hands said, "Based upon our studies conducted in the Kingdom of Saudi Arabia, as well as outcomes we have observed in other markets, we are pleased to have secured this unique collagen product, CellerateRX®, for our country." Mr. Al-Fawzan further added, "Our medical staff is particularly impressed with CellerateRX®'s effect on diabetic wounds, which continues to be a problematic healthcare issue throughout our Arabian Gulf region."
The international market for CellerateRX® is growing. Recent statistics in the Middle East show that the rate of diabetes is climbing. In some countries, such as the United Arab Emirates and Saudi Arabia, the rate of diabetes approaches 20% of the population. Particularly in Saudi Arabia, where diet and lifestyle have played a role in the rise of diabetes, CellerateRX® represents a cost effective treatment for wounds that, left uncared for, can lead to loss of limb and loss of life.
This is the second recent international agreement to market CellerateRX® from Pharma Tech International this quarter and is part of the Company's long-term plan to penetrate healthcare markets worldwide. Deborah Jenkins Hutchinson, President of Wound Management Technologies noted, "This agreement represents another milestone met from our 2011 business plan [published 01/07/11] as well as a milestone discussed in our April 19th letter to shareholders."
About Wound Management Technologies, Inc.
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its unique, patented collagen product, CellerateRX®, which is FDA cleared and reimbursable under Medicare Part B. Wound Management has other advanced biotech products in development including a patented resorbable bone wax line that is in late stages of development, as well as a subsidiary focused on technology for secure healthcare data collaboration and storage. More information can be found on the company's web sites: http://www.wmgtech.com and http://www.CellerateRX®.com.
About Pharma Technology International, LLC
Pharma Technology International, LLC is a joint venture partnership between BioPharma Technologies, Inc. (a subsidiary of Wound Management Technologies, Inc.) (OTC: WNDM.PK) and A&Z Pharmaceutical, LLC, to license, market, distribute and sell Wound Management Technologies' line of activated collagen-based products in certain countries in the Middle East and Northern Africa. The products are FDA cleared as medical devices and for use in the management of chronic and acute wounds and skin ulcers.
Safe Harbor Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
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SOURCE Wound Management Technologies, Inc.