Covalon Technologies Ltd. enters into research contract with Sir Mortimer B. Davis Jewish General Hospital (McGill University) for preparation of cells for Covalon’s blood vessel growth program
June 27, 2007
Mississauga, Ontario – June 27, 2007: Covalon Technologies Ltd. (the “Corporation” or “Covalon”) (TSX Venture: COV) announced that it has entered into a one-year research contract with Dr. Jacques Galipeau, MD, FRCP(C), Associate Professor of Medicine and Oncology of the Sir Mortimer B. Davis Jewish General Hospital (McGill University) for isolation of cells required for Covalon’s program in angiogenesis.
Dr. Frank DiCosmo, President and CEO said: “Covalon is very pleased to have Dr. Galipeau involved in our innovative research with EPAS1. His research is renowned for making great impact on the use of adult stem cells as repair material for tissue damaged due poor blood flow. Dr. Galipeau will work closely with Covalon and lead in isolating porcine-derived mesenchymal stem cells from bone-marrow that are required for our on-going program in repairing ischemic tissue using Covalon’s EPAS1 technology. The cell therapy technology aims to stimulate the growth of new blood vessels through a process of therapeutic angiogenesis.”
EPAS1 is a “master” gene that is regulator of the production of vascular endothelial growth factor and several other important proteins required for new blood vessel growth essential to deliver blood, oxygen and nutrients to regenerative tissues. The intent of the development program is to develop a treatment of chronic ischemic conditions using cell transplantation to create new blood vessel growth required for cell survival. Covalon has initiated its cell engineering program to generate cells that express useful genes at a site of cell therapy useful for treating ischemic conditions, such as chronic wounds, congestive heart failure, peripheral vascular disease and other conditions.
Covalon Technologies Ltd. is a developer of advanced medical products which has patented therapeutic biomaterials for wound care and surgical applications and coatings for medical devices. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to many medical devices. A variety of applications for this technology have been identified and specific products have been developed. These products feature solutions to many of the problems caused by the material properties of the medical devices currently offered by most manufacturers and suppliers.
“Since 1934, the Sir Mortimer B. Davis - Jewish General Hospital, a McGill University teaching hospital, has provided “Care for All,” serving patients from diverse religious, linguistic and cultural backgrounds in Montreal, throughout Quebec and beyond. As one of the province’s largest acute-care hospitals, the JGH has achieved a reputation for excellence in key medical specialties by continually expanding and upgrading its facilities for clinical treatment and teaching, as well as research at the Lady Davis Institute for Medical Research,” www.jgh.ca
The Jewish General Hospital’s Lady Davis Institute for Medical Research is a world leader in numerous fields of medical investigation, including cancer, AIDS, cardiovascular disease, aging, genetics, emergency medicine, nephrology, epidemiology and the psycho-social aspects of illness.
This news release contains forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company’s ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
For further information please contact:
William Jackson, CFO & COO
Covalon Technologies Ltd.
T: (905) 568-8400
F: (905) 568-5200
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
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