MISSISSAUGA, ONTARIO -- (MARKET WIRE) -- 05/17/07 -- Covalon Technologies Ltd. ("Covalon" or the "Company) (TSX VENTURE: COV) released its Management Discussion and Analysis and the consolidated financial statements (unaudited, prepared by management) for the period ending March 31, 2007.
The Company improved its wound care distribution by entering into an exclusive distribution agreement with advanced wound care leader Smith & Nephew Inc. at the end of the fiscal quarter. Wound care and coating sales orders improved substantially in the quarter. Total revenues for the six months ended March 31, 2007, increased 212 % over the year earlier period and the year to date loss declined. The cash position of the Company improved by approximately $2 million over Q1 because of a US$2 million milestone and exclusivity payment received from Smith & Nephew Inc.
Covalon Technologies Ltd. is a developer of advanced medical products which has patented therapeutic biomaterials for wound care and surgical applications, and coatings for medical devices. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that can be applied to many medical devices. A variety of applications for this technology have been identified and specific products have been developed. These products feature solutions to many of the problems caused by the material properties of the medical devices currently offered by most manufacturers and suppliers.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved of the contents of this release.
Contacts:
Covalon Technologies Ltd.
William Jackson
CFO & COO
(905) 568-8400
(905) 568-5200 (FAX)
Website: www.covalon.com
About Aaron Reed Aaron Reed is an assistant professor specializing in software architecture and design and .NET development at Neumont University in Salt Lake City, UT. He has worked professionally in the industry for over 12 years as a lead architect/designer, development manager, and VP of development. When he isn't spending time reading up on the latest in software development, Aaron loves spending time with his beautiful wife and three children.
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