Closely-held Interface Biologics is selling its Endexo surface modification business and shifting its focus to its Epidel drug delivery technology, initially for ophthalmic indications.
Earlier today, Interface reported that it sold its Endexo business to Germany-based Evonik Industries (EVR:ETK), a multi-billion dollar specialty chemical company with a strong focus on its healthcare business line. “We’ve been working with Evonik for the past three years on several joint development programs and, over last six months, have been negotiating with them about acquiring our Endexo business,” president and CEO, Tom Reeves, says in an interview with BioTuesdays.
The sale does not include the license Interface granted to Fresenius Medical Care (NYSE:FMS) for the use of Endexo in chronic and acute dialysis systems, which dates back to 2010. “The Fresenius agreement is a significant commercial opportunity for Interface and with the completion of their clinical trial earlier this year, we’re hopeful that they will have regulatory approval next year,” Mr. Reeves said.
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