AdvanSource Biomaterials Corp., developer of polymer materials for medical devices, has entered into a multi-year supply agreement with a global medical device company.
AdvanSource says the agreement calls for the supply of a specialized solution-based polymer designed to meet the key characteristics required to optimize device performance. The agreement includes a guaranteed minimum annual usage fee for the purchase of the products for an initial term of five years and with multi-year renewal options.
Khristine Carroll, AdvanSource's Senior Vice President of Commercial Operations, states: "We are very proud to have this company, a recognized leader in the medical device industry, partner with us to facilitate the continued recognition and use of our specialized polymers. Our targeted solution-based polymers represent an increasingly important component of our product portfolio and we believe the consummation of this partnership further demonstrates the success of our business strategy in leveraging the Company's biomaterials technology and polymer capabilities. We continue to aggressively market our technology and capabilities; and are optimistic at the medical device industry's continued recognition of the benefits of our materials."