AdvanSource Biomaterials ("ASB") is an ISO certified materials technology company, specializing in medical grade materials for long and short term applications. Our materials are USP Class VI and are available in both standard as well as custom formulations - offering tailored mechanical characteristics in order to enhance and optimize device design and functionality.
Through comprehensive analysis of industry requirements and trends, as well as the creation of advanced polymer chemistry formulations, we develop innovative biomaterials which may be used as structural engineering polymers, co-extrusion layers or as specialized coatings for a wide variety of material substrates.
Creating Technology. Enabling Success.
AdvanSource Biomaterials’ technology turns your initial design concepts into optimized devices:
Creating Technology to guide innovation for our customers across multiple disciplines in the medical and pharmaceutical industries.
Enabling Success for end-use manufacturers to develop and support technologically advanced products to treat a wide range of procedural areas and disease states.
Mission Statement
AdvanSource Biomaterials enables customers' success by delivering a unique combination of innovative materials, engineering and manufacturing solutions.
Vision Statement
AdvanSource Biomaterials creates long-term shareholder value by being a world class technology company focused on customer-driven solutions in the medical device industry.
Values Statement
AdvanSource Biomaterials values excellence, integrity and fairness in everything it does. The company communicates openly and honestly with customers, shareholders and employees.
Michael F. Adams, President & CEO
Mr. Adams was appointed to his current position in August 2006. A longtime member of the board of directors, Mr. Adams rejoined the AdvanSource Biomaterials management team in April to direct all regulatory clinical and quality activities, responsibilities that are part of his current position. As AdvanSource Biomaterials Vice President of Regulatory Affairs and Business Development from 1998 to 2000, he obtained CE Mark approval for a complete line of implantable prosthetic vascular grafts. Prior to rejoining AdvanSource Biomaterials, Mr. Adams was Vice President of New Ventures at PLC Medical Systems, a medical device and therapy company. Earlier experience in regulatory affairs and quality assurance include management positions at CR Bard and Millipore Corporation.
Mr. Adams began his career at DuPont after earning a Bachelor of Science in Applied Chemistry from the University of Massachusetts. He received his certification in Regulatory Affairs (RAC) in 1991.
Khristine L. Carroll, Senior Vice President – Commercial Operations
Ms. Carroll was appointed SVP-Commercial Operations in April 2010 after joining the Company in 2008 and spearheading the development and growth of ASB’s first Commercial Division. Ms. Carroll has been responsible for developing a sharply-focused sales and marketing platform; growing the business through vertically integrated partnerships, international and regional sales force initiation and the expansion and establishment of strong business growth strategies through robust contract negotiations, product line extensions and targeted customer focus initiatives.
With over 15 years of management experience in the medical device industry, Ms. Carroll has held various business development, sales and marketing management roles including most recently at Memry Corporation, a leading provider of nitinol and polymer components for medical devices, wherein she was employed between 2000-2008. During this time, Ms. Carroll was responsible for the successful leadership of the strategic accounts sales team, cross functional teams for the implementation of new business programs, as well as the development and implementation of a European Business Plan. From 1994-2000 Ms Carroll held various management roles at The Clinipad Corporation, including the initiation, launch and management of the Company’s International Division, GPO Contract negotiation and management and varied roles on the National Accounts team.
Ms. Carroll holds a B.S. in Organizational Leadership from Quinnipiac University.
William J. O'Neill, Jr.
Mr. O'Neill has been a director of AdvanSource Biomaterials since May 2004 and was appointed chairman in August 2006. Mr. O'Neill is currently the Dean of the Frank Sawyer School of Management at Suffolk University in Boston, Massachusetts. Prior to this appointment, Mr. O'Neill spent thirty years (1969-1999) with the Polaroid Corporation, where he held the positions of Executive Vice President of the Corporation, President of Company Business Development, and Chief Financial Officer. He was also Senior Financial Analyst at Ford Motor Company. Mr. O'Neill was a Trustee at the Dana Farber Cancer Institute, and is currently a member of the Massachusetts Bar Association, a member of the Board of Directors of the Greater Boston Chamber of Commerce, and serves on the Board of Directors of Concord Camera. He earned a BA at Boston College in mathematics, a MBA in finance from Wayne State University, and a JD from Suffolk University Law School.
Michael A. Barretti
Mr. Barretti has been a director of AdvanSource Biomaterials since January 1998. Mr. Barretti is the executive in residence and professor of marketing at Suffolk University in Boston. Mr. Barretti has been the President of Cool Laser Optics, Inc., a company which commercializes optical technology specific to the medical laser industry, since July 1996. From September 1994 to July 1996, Mr. Barretti was Vice President of Marketing for Cynosure, Inc., a manufacturer of medical and scientific lasers. From June 1987 to September 1994, Mr. Barretti was a principal and served as Chief Executive Officer of NorthFleet Management Group, a marketing management firm serving the international medical device industry. From January 1991 to May 1994, Mr. Barretti also acted as President of Derma-Lase, Inc., the U.S. subsidiary of a Glasgow, Scotland supplier of solid-state laser technologies to the medical field. Mr. Barretti received his BA from St. Johns University and an MBA from Suffolk University.
Mark Tauscher
Mr. Tauscher has been a director of AdvanSource Biomaterials since October 2010. Mr. Tauscher is the President, Chief Executive Officer and a director of PLC Medical Systems, Inc. and PLC Systems, Inc., where he has served in such capacity since January 2000. Prior to PLC Systems, Inc., he served from November 1998 to December 1999, as Executive Vice President of Sales and Marketing at Quinton Instrument Company, a developer, manufacturer and marketer of cardiology products, medical devices and fitness equipment. From November 1996 to November 1998, he served as Division President of Marquette Medical Systems, Medical Supplies. From May 1994 to November 1996, Mr. Tauscher served as General Manager of Hewlett-Packard, Medical Supplies. Mr. Tauscher received his B.S. degree from Southern Illinois University and is a graduate of the Harvard Business School Program for Management Development.
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2011
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2010
Board of Directors Announcement
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Patent Announcement - Antimicrobial Polyurethane Resins
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ASB Exhibits at the World's largest medical device show
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2009
Regional Sales Expansion
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Growth Recognition
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Patent Announcement - ChronoSil
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Patent Application Published
- The surface of components manufactured from its antimicrobial polymers are less susceptible to bacterial growth and biofilm formation, reducing the potential for foreign body patient infections, and
- The antimicrobial agent is uniformly dispersed throughout the polymer, providing long lasting activity.
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2008
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Corporate Name Change
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Strategic Business Development - Commercial Division initiated
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Strategic Business Development - Divestment
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Strategic Business Development - Corporate re-branding
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2007
Patent Announcement - Antimicrobial technology
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2006
New President & CEO Announced
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2004
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2003
Corporate Mergers
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2001
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1993
ASB launches a new website indicative of its core technological advancements, customer focused initiatives and collaborative efforts through key partnerships.
The site will provide customers with the latest ASB product innovations, value-added services and leading project resources within one click of the mouse. New features include an interactive Product Matrix to assist with material selection, a comprehensive FAQ page, and a Spotlight highlighting some of our most recent developments.
ASB welcomes a new member to the Board of Directors:
"On behalf of our Board of Directors, I would like to welcome Mark to our Board. I believe his diverse expertise and experience will be of tremendous benefit to the Board and will help us to continue broadening the skill base of our Board of Directors," said William O'Neill, Chairman of the AdvanSource Biomaterials Board of Directors.
Michael Adams, President and Chief Executive Officer of AdvanSource, added, "With more than 30 years of medical industry experience and a unique inside perspective of the day-to-day operations of medical device companies, Mark's marketing, sales and executive management expertise make him a perfect fit for the AdvanSource Board of Directors. We believe the Company will benefit from his valuable insights and experience."
ASB receives a "Notice of Allowance" from the U.S. Patent and Trademark Office in connection with its antimicrobial patent application filed in June 2007. U.S. Patent No. 7,772,296, which is entitled "Antimicrobial Polyurethane Resins and Products Made Therefrom," covers a drug-free, antimicrobial technology to eradicate Methicillin-resistant Staphylococcus aureus ("MRSA") clinical infections associated with medical devices.
"This patent underscores the strength of our technology team and their capabilities in developing innovative technologies to meet clear market needs. There have been many studies and well-documented evidence in support of the risks associated with infection from invasive and minimally-invasive medical devices, such as catheters. We believe our antimicrobial polymers could now provide medical device developers and manufacturers with a biomaterial choice providing them a competitive advantage in the marketing and sales of medical devices which are constructed or coated with our patented antimicrobial polymers. We are gratified in being able to add this important technology innovation to our growing portfolio of patents." Michael Adams, President and CEO, ASB.
ASB announces a multi-year supply agreement surrounding its hydrophilic polymers.
The agreement calls for the supply of specialized hydrophilic polymer resins and solutions, which were designed to meet the key characteristics required to optimize device performance. This multi-year supply agreement, having an initial term of five (5) years, includes an annual usage fee per each commercial end-product that incorporates our polymers. These hydrophilic polymers are being positioned for use across multiple product lines by this customer. At the end of the initial term, the agreement automatically renews for additional one (1) year periods if not earlier terminated by either party.
"The development agreement, entered into last year with this leading multi-national medical device company, was a significant step in our vertical integration strategy. We believe that advancing this relationship from product development to the supply of commercial polymers, specifically designed to meet the specific requirements of our customer, validates our strategy to leverage our biomaterials technology and capabilities in partnership with developers and manufacturers of medical devices. This agreement is important as it not only provides a recurring annual usage fee for each and every medical device product introduced to the market by our customer, but it also provides for us to manufacture and supply our polymer products to this customer, which should be an additional catalyst in growing our product sales and improving our margins." Khristine Carroll, SVP – Commercial Operations, ASB.
ASB inaugural exhibit at the world’s largest medical device trade show, COMPAMED/MEDICA in Düsseldorf, Germany. ASB joins the world's leading medical device companies in innovation, manufacture and product development at the largest industry event of the year - the 2010 COMPAMED tradeshow in Dusseldorf, Germany.
During the premier attendance at COMPAMED, ASB highlighted its latest advancements in polyurethane technology, including thermoplastic silicone polycarbonate urethanes (ChronoSil), homogeneous antimicrobial materials, prototype coating services and a selection of medical grade materials spanning the durometer range from 5 Shore A to 75 Shore D.
AdvanSource Biomaterials launches in Asia during the MEDTEC China show.
"MEDTEC China 2010 is China's premier international trade fair dedicated to the country's fast growing medical device design and manufacturing industry. The promoters of this trade show believe there will be over 6,000 managers, business owners and engineers in attendance who are involved in the design, creation and manufacture of medical products throughout China. This trade show provides the Company the opportunity to introduce its advanced biomaterials technology, capabilities and products as it makes its initial foray into the important and rapidly-growing medical device industry within China. In addition to bringing awareness of our advanced polymer technology and capabilities to the Chinese market, this trade show will also provide the Company the opportunity to meet with potential distribution partners in this rapidly growing region who could represent the Company's products in the near-future. We encourage medical device professionals and the investment community to sign-up for the Exhibit at http://www.medtecchina.com and meet with us at this event." Khristine Carroll, SVP - Commercial Operations, ASB.
ASB signs a multi-year supply agreement surrounding its custom solution based polymer technology.
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 (5) years and with multi-year renewal options.
Khristine Carroll, AdvanSource's Senior Vice President of Commercial Operations, stated, "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."
ASB is first to market for Animal-free origin certified materials, in compliance with the EU Council Decision 1999/534/EC. "AdvanSource is committed to upholding the highest risk assessment of its polymer products through rigorous processes and performance criteria while advocating efficient and effective control measures at every step of our manufacturing process. We recognize that the risk of infectious agent contamination, such as TSE and BSE, is mitigated through controlled sourcing and qualified evaluation of all our starting steps. Accordingly, we have undertaken a complete review of our materials, processes and raw material suppliers to proactively respond to the device industries growing concern regarding this issue. We are proud of the initiatives we take to respond to the concerns of our growing number of medical device customers in a proactive and timely manner and the partnerships these customers have offered us." Khristine Carroll, Senior Vice President of Commercial Operations, ASB.
ASB announces its commercial expansion through the addition of Debbie Hauser as its independent western regional sales engineer. The engagement of Ms. Hauser to represent the Company's expanding portfolio of polymer products is in response to the growing customer base and is an integral part of the Company's business strategy to promote its biomaterials products and technologies to developers and manufacturers of medical devices.
Debbie Hauser, principal and founder of Best Impressions, will be responsible for the representation of the Company's products within the Company's western regional territory. Ms. Hauser is recognized throughout the plastics industry for having a strong track record in developing new business. Over the last 20 years, she has been introducing unique and highly engineered products and services to medical device companies in the western region of North America; and has developed an extensive network among large and start-up medical device companies.
Ms. Hauser holds an M.S. in Engineering Management from the University of Pittsburgh, and an M.S. and B.S. in Plastics Engineering from the University of Massachusetts-Lowell. Ms. Hauser has expertise in introducing new biomaterials created to meet the engineering requirements of medical device companies and has been published in several plastics trade journals on technical and marketing subject matter.
Khristine Carroll, AdvanSource's Vice President of Sales and Marketing, stated, "We are very encouraged with the continued progress of our commercial efforts as we execute on our business plan, and to the response we have received towards this end from the device community. As our innovative biomaterials technologies, capabilities and products continue to gain market recognition and acceptance we are pleased to be able to have Ms. Hauser on board to assist and promote our expanding product portfolio. Debbie is highly regarded in the plastics and medical device industry and brings a wealth of experience that should ensure success in our expanding western regional territory. We look forward to her contributions and to adding additional sales representatives, both domestically and internationally, as we continue to grow our market share and penetrate new markets."
ASB announces multi-year supply agreement with an international orthopedic device manufacturer for the development and subsequent supply of a specialized aromatic polycarbonate-based material specifically targeted for applications in the orthopedic medical device market. The successful development of the specified polymer has resulted in execution of this multi-year agreement which provides for an annual usage fee per end-product incorporation and commercialization.
Khristine Carroll, AdvanSource’s Vice President of Sales and Marketing, stated, “We are very pleased at the partnership which has evolved with this customer and the commitment a long term agreement such as this demonstrates. Having the opportunity to exhibit and provide our custom synthesis capabilities to a leading innovator in the orthopedic market represents a broader entrée into the orthopedic arena, which we consider to be an important vertical market within our growth strategy. This relationship further supports what we believe to be the ongoing success of our revitalized business strategy to leverage the Company’s biomaterials technology and capabilities in partnership with developers and manufacturers of medical devices.”
AdvanSource Biomaterials is listed as one of the top 50 fastest growing companies in Boston Business Journal.
ASB launches ChronoSil, a thermoplastic polycarbonate silicone material.
"We are pleased to have the opportunity to initiate the first phase of our new material product launch, ChronoSil, a thermoplastic silicone polycarbonate urethane, while exhibiting at the Galway show. The ChronoSil product family maintains the inherent benefits of a polycarbonate-based urethane, including high pressure resistance, tensile-strength and superior chemical resistance combined with silicone's industry-recognized advantages such as heightened elongation, superior elasticity and a low coefficient of friction. With many of the largest medical device companies actively manufacturing or otherwise represented in the country, we are confident this will be an exciting opportunity to showcase our newest product and an expanding line of advanced biomaterials and technologies. We encourage medical device professionals and the investment community to sign-up for the Exhibit at www.medtecireland.com and meet with us at this event." Khristine Carroll, VP of Sales and Marketing, ASB.
ASB files a patent surrounding its thermoplastic silicone polycarbonate materials.
This patent application relates to silicone-urethane copolymers and methods for making ChronoSil™. ChronoSil can have many physical properties which are usually associated with polyurethanes, but also the feel and characteristics of silicones.
The ChronoSil product family maintains the inherent benefits of a polycarbonate-based urethane, including high pressure resistance, tensile-strength and superior chemical resistance combined with silicone’s industry-recognized advantages such as heightened elongation, superior elasticity and a low coefficient of friction.
“We were pleased to announce our new biomaterial product, ChronoSil, a thermoplastic silicone polycarbonate urethane, which was exhibited at the recent MEDTEC IRELAND Medical Design and Manufacturing Exhibition and Conference in Galway, Ireland. Two of the objectives that are key to our business strategy include the development of innovative biomaterials to meet the needs of medical device developers and manufacturers while building additional value through a growing portfolio of patented products. This recent patent application supports our commitment to both of these objectives. We are pleased with the efforts of our research and development team and look forward to continued innovation from this talented group of scientists and engineers.” Michael Adams, President and CEO, ASB.
ASB enters into a development agreement with a leading medical device company to with its custom solution based polymers.
The agreement calls for the development of a specialized solution-based polymer designed to meet the key characteristics required to optimize device performance. Upon successful development of the specified polymer the Companies will work together to finalize execution of a multi-year supply agreement which includes an annual usage fee per end-product incorporation and commercialization. Presently, the solution based polymer is being positioned for use across multiple product lines to be initiated over the next 3-5 years.
“This is a significant step in our vertical integration strategy, which includes our commitment to developing solution-based polymers designed to meet the specific requirements of our customers. We are very enthusiastic about the response we have received from the device industry and by the extension of partnership that an agreement such as this represents.” Khristine Carroll, V P of Sales and Marketing, ASB
“This development agreement with an internationally recognized medical device company is the culmination of much hard work on the part of our sales and research and development teams. We believe this new development relationship is important in validating our business model; the key driver being our ability to leverage our biomaterials technology and capabilities in partnership with developers and manufacturers of medical devices.” Michael F. Adams, President and CEO, ASB.
ASB’s antimicrobial patent application is published with the U.S. Patent and Trademark Office.
ASB believes that infection rates from MRSA, primarily from hospitals and other medical facilities, pose significant risks to patient populations and are increasing in frequency. The Company is developing a drug-free, antimicrobial technology to eradicate MRSA clinical infections associated with medical devices.
"Our proprietary manufacturing process is differentiated by incorporating the antimicrobial agent during the synthesis process. These antimicrobial formulations are designed to possess a high degree of bacterial "kill." The materials may be used as structural components or as coatings in various catheters, including venus, arterial and urological." Dr. Andrew Reed, Vice President of Science and Technology, ASB.
The Company's antimicrobial polymers exhibit the following properties:
ASB is awarded ISO certification for the manufacture of medical grade polyurethanes.
After assessment by the International Organization for Standardization (ISO), the Company's Quality Management System received ISO certification through SGS United Kingdom Ltd. to ISO13485:2003 and 9001:2000 for the design and manufacture of polymers for the medical device industry. ISO certification is the preeminent worldwide standard for manufacturing and quality control systems.
"The certifications we have just received are recognized by all medical device developers and manufacturers as proof of high product quality. By receiving ISO certification, AdvanSource has reached a major milestone with a focus on continuous improvement as well as expanding its ability to be chosen as a technology partner by both existing and potential customers." Michael Adams, President & CEO, ASB.
CardioTech International Inc., announces a corporate name change to AdvanSource Biomaterials Corporation.
AdvanSource Biomaterials is approved by shareholders as the new Company name at the CardioTech International, Inc. annual meeting held at the Company's corporate headquarters on October 15, 2008.
Commenting on the Company's name change AdvanSource President and CEO Michael Adams noted: "The AdvanSource name more accurately reflects our clear scientific and technological expertise in materials science applications for a very broad range of disease states and anatomical sites. Our business model focuses on leveraging AdvanSource's unique strength in polymer science in order to grow and diversify our product offerings within existing customers as well as to expand our reach in the broader medical device community. We are encouraged by the growing number of inquiries for our polymers from both large and small companies whose businesses span a multitude of medical device sectors."
ASB’s launches its international marketing at its inaugural showcase at the MEDTEC Ireland show in Galway, September 24 through September 26, 2008.
“MedTech Ireland provides the perfect venue to officially launch our newly rebranded company in the international marketplace. Many of our existing and potential customers have manufacturing facilities in Ireland, and this conference focuses on issues specific to their needs. Our mission is to inform new and existing customers about the enhancements to their medical devices that AdvanSource Biomaterials’ performance polymers deliver. We are looking forward to introducing our new product extensions in this important international market. We will also be showcasing our ability to customize our proprietary polymers for specific customer applications in a wide range of device categories,” Khristine Carroll, Global Sales Director, ASB.
AdvanSource Biomaterials is created as a wholly owned subsidiary of CardioTech International Inc and announced at the MDM East show in New York.
CardioTech International, Inc. a leading developer and manufacturer of advanced biomaterials which provide characteristics critical to medical devices, announced the formation of AdvanSource Biomaterials Corporation to conduct its business and align its name with its strategic focus. The new subsidiary was formed in anticipation of a Company name change and is subject to stockholder approval later in 2008.
Through its newly formed AdvanSource Biomaterials Corporation subsidiary, CardioTech develops advanced polymer materials which provide critical characteristics in the design and development of medical devices. The Company's biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. The Company's business model leverages its proprietary materials science technology and manufacturing expertise in order to expand its product sales and royalty and license fee income. CardioTech is conducting a clinical trial for regulatory approval in Europe for its CardioPass(TM) synthetic coronary bypass graft.
"AdvanSource Biomaterials reflects more accurately our strategic business model which focuses our advanced polymer technology and customization capabilities on a broad range of disease states and medical device sectors." Michael F. Adams, President & CEO.
CardioTech International Inc. initiates a Commercial Division offering customer driven solutions across the medical device industry.
CardioTech International Inc. divests Catheter & Disposables Technology (CDT).
Catheter and Disposables Technology, Inc. is sold to TACPRO, Inc., a full-service provider of high quality medical devices and specializes in catheters and delivery systems. The purchase price was approximately $1.2 million in cash, of which $240,000 of the purchase price will be held in a one-year escrow to fund CardioTech's post-closing indemnification obligations to TACPRO, Inc., if any. After the escrow funding and estimated transaction costs, CardioTech will realize approximately $734,000 in cash proceeds from the sale of CDT.
Commenting on the sale of CDT, President and CEO Michael Adams, CardioTech, said, "The sale of CDT provides TACPRO, Inc. an excellent opportunity to expand its operations into the Minnesota medical device region. CardioTech's direction is targeted to being a world class technology business focused on customer-driven solutions in the medical device industry. The sale will permit the ongoing redeployment of capital into our growth initiatives focused on licensing and selling specialized materials to medical device manufacturers. The sale of CDT is an important milestone which allows CardioTech to direct management expertise and resources into executing the Company's strategic growth plan."
Nitin Matani, President/CEO, TACPRO, Inc. said, "CDT represents an opportunity for TACPRO, Inc. to expand its presence in the Midwest region. The acquisition of CDT is the first step in achieving our strategic growth objective. We are excited at being able to extend additional resources, experience, and knowledge to our current and future customers."
CardioTech invests in a corporate re-branding strategy to align core competencies and intrinsic corporate values to be a world-class materials technology company.
CardioTech announces patent filing for it’s innovative antimicrobial technology filed for a US patent on its proprietary antimicrobial formulation of ChronoFlex(R) medical grade polymer and its method of fabrication. These materials are designed to provide a new method for the medical device industry to better control foreign body-derived infections without the use of antibiotic drugs. Cardiotech's antimicrobials can be used in devices as a polymer or a coating.
Commenting on the patent filing, Andrew Reed, Ph.D., CardioTech's Vice President of Science & Technology, said: "With this patent filing, we have introduced a new antimicrobial family of ChronoFlex polymers. Current technology in the marketplace uses antibiotic drugs, which often become depleted in the body and can form antibiotic-resistant bacteria. Moreover, the antimicrobial component of these polymers has been designed to be non-leaching as a result of the polymerization process. Remaining as a component of the polymer is a vital factor for preventing infection."
President & CEO Michael Adams noted that, "Medical device infections cause 70,000 US deaths annually, costing our hospitals an estimated $9 billion. Our antimicrobial polymer technology received a great deal of attention at the Medical Design and Manufacturing -- East conference and exposition last week in New York City. The filing for a new patent reflects the increasing value of CardioTech's intellectual property and builds upon our strategy of developing world class advanced materials."
ChronoFlex® - based CardioPass™ synthetic coronary artery bypass graft enters a clinical trial in Europe to obtain CE Mark approval.
“We are very pleased that our timetable for the trial has proceeded on schedule with the first surgeries beginning as anticipated in the current fiscal quarter.” Michael F. Adams, President & CEO, CardioTech
Michael F. Adams is appointed President and CEO of CardioTech International Inc.
A longtime member of the board of directors, Mr. Adams rejoined the AdvanSource Biomaterials management team in April to direct all regulatory clinical and quality activities, responsibilities that are part of his current position. As AdvanSource Biomaterials Vice President of Regulatory Affairs and Business Development from 1998 to 2000, he obtained CE Mark approval for a complete line of implantable prosthetic vascular grafts. Prior to rejoining AdvanSource Biomaterials, Mr. Adams was Vice President of New Ventures at PLC Medical Systems, a medical device and therapy company. Earlier experience in regulatory affairs and quality assurance include management positions at CR Bard and Millipore Corporation. Mr. Adams began his career at DuPont after earning a Bachelor of Science in Applied Chemistry from the University of Massachusetts. He received his certification in Regulatory Affairs (RAC) in 1991.
Joint Venture with Implant Sciences Corporation to participate in the funding of CorNova, Inc. CorNova was formed to develop a novel coronary drug eluting stent using the combined capabilities and technology of CorNova, Implant Sciences and CardioTech. The Company currently has a 17% equity interest in the issued and outstanding common and preferred stock of CorNova.
The Company merges with Gish Biomedical Inc., manufacturers of single use cardiopulmonary bypass products that have a disposable component.
CardioTech International Inc. acquires Catheter and Disposables Technology (CDT) an original equipment manufacturer and supplier of private-label advanced disposable medical devices from concept to finished packaged and sterilized products.
CardioTech International Inc. is founded as a subsidiary of PolyMedica Corporation. Proprietary polyurethanes sold under the tradenames: ChronoFlex®, ChronoThane™, HydroThane™, ChronoFilm™, HydroMed™ and Hydroslip™, used in both acute and chronically implanted devices such as stents, artificial hearts, and vascular ports.
