By a News Reporter-Staff News Editor at Clinical Trials Week -- Dynasil Corporation of America (NASDAQ: DYSL) announced that Dynasil Biomedical Corp ("DBM") has established a new subsidiary, Xcede Technologies, Inc., and transferred patent pending biomaterials technology for use in tissue sealing and hemostasis. Xcede's technology is a ready-to-use high-strength, fast-acting, combination hemostat/ sealant. The Xcede Patch, the first embodiment of the technology that Xcede plans to commercialize, requires minimal preparation time (less than 1 minute), is not dependent on patient coagulation and is highly effective on aggressive bleeding. The technology was initially invented by Dr. Daniel Ericson and acquired by Dynasil in 2011. Since 2011 Dynasil has further developed and refined the technology within its subsidiary, DBM, before contributing it to Xcede (see also Dynasil Corporation of America).
Xcede Technologies, headquartered in Rochester, MN, has also signed a License Agreement with Mayo Clinic, whereby Mayo will provide support assistance with clinical trials and physician involvement with the design and development of delivery tools and testing of clinical indications. Additionally, Xcede Technologies has initiated a convertible note financing of up to $2 million to fund its first in human trials. Participants in the financing include DBM, Mayo Clinical Ventures, Southern Initiative Minnesota Foundation and individual angel investors. Rochester Area Economic Development Inc. has also committed to provide debt financing.
"Our new subsidiary will allow for a singular focus on development of the tissue sealant technology in order to bring the Xcede Patch to market. Xcede will be separately funded, relieving Dynasil of the need to fund development going forward. Xcede has tremendous upside potential and all of the ingredients needed to revolutionize the $4.5 billion global fibrin sealants and hemostasis markets," said Peter Sulick, Chairman and CEO of Dynasil. "This is the first spin out of technology developed internally at Dynasil. We are hopeful that we can employ this model in the future as other technology we are working on both within DBM and RMD, our large research organization, reach maturity."
Mayo Clinic has a financial interest in the technology mentioned in this news release. Revenue Mayo receives is used to support the clinic's not-for-profit mission in clinical practice, education and research.
Keywords for this news article include: Technology, Clinical Trials and Studies, Dynasil Corporation of America.
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