ADDISON, Texas, Sept. 5, 2013 /PRNewswire/ -- ULURU Inc. (OTCQB: ULUR), today announced that it has extended the territory for the International License for Altrazeal®, to include Africa (markets not already licensed), Latin America, the Commonwealth of Independent States, Georgia, Ukraine and Turkmenistan.
Under the terms of the license extension with Altrazeal AG, our current European distributor, ULURU will receive an up-front licensing payment, will supply Altrazeal® at an agreed upon price, and will receive a royalty on sales within the territory. The licensing entity, Altrazeal AG, is the European marketing entity which ULURU has an ownership interest of 25%.
Commenting on the extension of the territory, Helmut Kerschbaumer, Chairman of Altrazeal AG, stated, "We have extensive business contacts in these territories. In fact, we have already secured marketing and distribution partners in additional key markets including South Africa. We are at advanced stages of negotiation with other potential partners and anticipate that Altrazeal® will be launched in a number of these markets prior to the year end."
Altrazeal® is a scientifically engineered advanced wound dressing designed to incorporate the desired features and benefits of the ideal wound dressing. Altrazeal® competes in the advanced wound dressing market which, worldwide, is estimated to be $6.5 billion growing annually at 13%. Altrazeal® has demonstrated potential clinical and economic advantages in a number of chronic and acute wounds including diabetic foot ulcers, venous ulcers and geriatric wounds.
Commenting on the extension of the License Agreement, Kerry P. Gray, President and CEO of ULURU, stated, "Significant progress has been made establishing marketing and distribution partners in this expanded territory. We are very pleased with the progress to date in areas where, previously, we had not anticipated commercial activities at this time. The demonstrated features and benefits of Altrazeal, including clinical and economic benefits, have rapidly attracted possible partners throughout the region. I see this as exciting progress validating the commercial potential of Altrazeal®. We are working closely with Altrazeal AG to as rapidly as possible launch Altrazeal® in these markets."
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.ULURUinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to the launch of Altrazeal® in the territory, the commercial potential of Altrazeal® and the demonstration of cost savings and clinical benefits, and the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other reports filed by us with the Securities and Exchange Commission.
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
SOURCE ULURU Inc.