COV.v/CVALF: Covalon Wins $7.6 Million Twelve Month Contract to Supply ColActive Plus Advanced Wound Care Dressings to Saudi Arabia
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced that it has won a major contract to supply its advanced ColActive Plus and ColActive Plus Ag wound care dressings to Ministry of Health facilities in Saudi Arabia at a minimum guaranteed value of $7.6 million over twelve months.
The contract was awarded to Covalon through the Executive Board of Health Ministers’ Council for GCC States (called “SGH”). The SGH contract was awarded to Covalon following a highly competitive bidding process that resulted in Saudi Arabian wound care physicians selecting Covalon’s ColActive Plus product line as its exclusive advanced collagen wound dressing.
The contract is for a term of one year and delivery of the products under the contract are expected to commence within the next four months.
“This win is a huge breakthrough for Covalon and will have significantly positive implications for us worldwide, not just in Saudi Arabia and the Middle East,” said Brian Pedlar, Covalon’s Chief Executive Officer. “This major win clearly demonstrates that Covalon's growth plan is working.”
Prior to making their decision to select ColActive Plus, leading wound care physicians in Saudi Arabia trialed ColActive Plus products for over a year.
“The Saudi Arabian key opinion leaders selected our product because of their efficacy in helping to heal chronic, diabetic wounds,” said Pedlar. “To be able to win this highly prized competition in Saudi Arabia clearly demonstrates how amazing Covalon's wound care technology really is.”
In addition to ColActive Plus, Covalon markets a full line of advanced wound management dressings for both acute and chronic wounds under its CovaWound brand. As well, Covalon is also the only provider of a dual antimicrobial silicone adhesive technology used in its IV Clear and SurgiClear brands of infection management dressings. Both of these product lines offer superior efficacy in helping to prevent infections and medical adhesive skin injuries, while providing total insertion or incision site visibility to the healthcare provider.
Conference Call
The Company has scheduled a conference call to be held Thursday, August 4, 2016 at 9:00 a.m. EDT to further discuss the tender contract to supply ColActive Plus in Saudi Arabia. To participate in the call please dial:
Local / International: 416-640-5946
North American Toll- Free: 1 866-233-4585
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
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