MISSISSAUGA, Ont. – Medical technology firm Covalon Technologies Ltd. (TSXV:COV) said Thursday it has signed an agreement with a Chinese partner to distribute its wound treatment ColActive Plus Ag in China.
The multi-year agreement calls for a minimum purchase commitment of $12 million, with $500,000 of that coming in the first 12 months. It will require regulatory approval from Chinese authorities.
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ColActive Plus Ag wound dressings are used to treat chronic wounds and diabetic ulcers.
“China has the most diabetic patients of any country with over 92 million adults suffering from the symptoms of diabetes,” Covalon chief executive Brian Pedlar said in a statement.
“ColActive Plus Ag has been used for years in the United States as an effective treatment for diabetic ulcer wounds. Our partner has demonstrated that they have excellent health-care relationships, and we look forward to expanding this new relationship through the distribution of additional medical products.”
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Covalon’s products are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility.
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