Cardium Therapeutics, a medical technology company focused on cardiovascular and tissue repair, has developed and is implementing a comprehensive commercialization strategy for Excellagen, the company's novel syringe-based gel to boost the healing process for all types of wounds, including diabetic ulcers, surgical wounds, trauma wounds, and chronic vascular ulcers. The product's proven effectiveness, range of application, and ease of use has opened an extensive target market, which Cardium is addressing with a variety of partnership agreements.
In January 2013, Cardium announced a distribution agreement with Academy Medical to market, sell, and distribute Excellagen to U.S. government medical providers. Academy Medical has a growing customer base of over 35 VA and military hospitals within the U.S. Cardium also recently announced an agreement with an independent regional distributor group, consisting of ten sales representatives, to market, sell, and distribute Excellagen to podiatric and orthopedic physicians, plastic surgeons, hospitals, and surgical centers. They plan to enter into additional agreements to introduce Excellagen to a variety of regional markets while broadening its potential applications in wound care.
Cardium is also establishing strategic partnerships to cover the marketing and sale of Excellagen into U.S. vertical wound healing market channels, including: (1) podiatry, (2) wound care centers, hospitals, and long-term care facilities, (3) government agency providers (such as the U.S. Department of Veterans Affairs, Bureau of Indian Affairs, and military hospitals), (4) dermatology and plastic surgery, and (5) orthopedic surgery. This is a proven approach similar to other companies in the advanced wound care space.
Cardium is also actively pursuing a reimbursement process for Excellagen with Centers for Medicare & Medicaid Services and private insurance providers. Already-established standard CPT procedure reimbursement codes may apply when Excellagen is used with surgical debridement procedures and through the DRG reimbursement system for in-hospital surgical procedures, as well as in long-term care facilities and through their service providers.
Internationally, Cardium plans to obtain a CE Mark for the potential marketing and sale of Excellagen in the 27-country European Union, and expects to obtain a CE Mark for Excellagen in the second quarter of 2013. The company also has a marketing and distribution agreement with BL&H Co. for the marketing and sale of Excellagen in South Korea, which is currently advancing through the regulatory and reimbursement pricing process. In addition, Advanced Biosciences Research, an affiliate of bioRASI, is assisting Cardium for the planned commercialization of Excellagen in Russia and the eight additional member countries comprising the Commonwealth of Independent States (NYSE:CIS).
For additional information, visit CardiumTHX.com
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