OT-CorMedix Secures First Research Collaboration in the Medical Device Space with Luna Innovations Inc.

http://finance.yahoo.com/news/cormedix-secures-first-research-collaboration-123500041.html

BEDMINSTER, NJ / ACCESSWIRE / June 29, 2016 / CorMedix Inc. (NYSE MKT: CRMD), a biopharma
biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease, announced today that it has entered into a material transfer agreement with Luna Innovations Inc. (NASDAQ:LUNA), a company with broad expertise in materials technology and applied R&D in the health sciences, to test the feasibility of incorporating taurolidine into electrospun nanofibers. Luna will leverage its existing government-funded research and biomaterials expertise to create nanofibers loaded with CRMD-006, CorMedix's proprietary formulation of taurolidine, to create unique scaffolds with anti-microbial and anti-inflammatory properties that can be used primarily for wound closure and burn care. Under the agreement, Luna and CorMedix will also explore opportunities to commercialize any product, invention, or derivative developed under the collaboration.

Chronic non-healing wounds and burns expose patients to risk of infections that can complicate healing and have the potential to progress into life-threatening conditions. Electrospun fiber meshes use synthetic and natural polymers to improve patient outcomes relative to conventional dressings. Unfortunately, few dressings have been developed that allow delivery of analgesics or therapeutics while effectively preventing infections. By combining CRMD-006 with Luna's electrospinning technology, if feasible, the companies may advance a novel anti-microbial medical device for use wound care that can simultaneously provide wound management, pain relief, and anti-microbial activity.

Randy Milby, chief executive officer of CorMedix, stated, "As we've discussed, identifying partnership opportunities and expanding the potential of our taurolidine platform is a key component of our growth strategy. This agreement with Luna marks our first such collaboration in the medical device space and we are optimistic about the possibility of creating nanofiber meshes with taurolidine's proven anti-microbial and anti-inflammatory properties."

My E. Chung, president and chief executive officer of Luna Innovations, added, "We are excited to have this opportunity to leverage our expertise and be a part of this significant development. Partnering with CorMedix to explore this challenge is yet another example of the unique capabilities of our Technology Development Division." Less