3M, Greystone enter license agreement for wound care products

7/18/2008

ST. PAUL, Minn. 3M Health Care and Greystone Pharmaceuticals on Thursday entered into an exclusive, worldwide license agreement for wound care products using Greystone’s patented PHI technology, a proprietary formulation that aids in the management of hard-to-heal wounds.

“This license agreement will enhance 3M Health Care’s rapidly growing advanced wound care business and builds on our reputation as a global leader in the treatment of chronic wounds,” stated Bill Cruise, skin and wound care global business director, 3M Health Care. “Greystone’s innovative PHI technology is proving to be effective in managing hard-to-heal wounds, and combining this technology with our extensive global coverage will benefit patients and clinicians worldwide.”

“We have developed an innovative wound care technology that can help patients with chronic and non-responding wounds return to more active and productive lives,” stated Greg Pilant, Greystone chief executive officer. “With 3M Health Care’s global presence and deep expertise in advanced wound care, we believe we can bring valuable solutions to patients globally.”

This is the second agreement between 3M Health Care and Greystone Pharmaceuticals, the companies reported. The first agreement provided 3M Health Care limited distribution rights in Canada and parts of Europe. This new agreement broadens 3M Health Care’s rights to the United States and most major countries in the world, starting with the introduction of 3M Tegaderm Matrix Dressing with PHI technology to the U.S. market. In addition, 3M Health Care will be able to extend the PHI technology platform to other wound care products.

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