Dynasil Forms Xcede Technologies Inc.
Mayo Clinic Participation
WATERTOWN, Mass., Oct. 10, 2013
WATERTOWN, Mass., Oct. 10, 2013 /PRNewswire/ --Dynasil Corporation of America
(NASDAQ: DYSL) today announced that Dynasil Biomedical Corp ("DBM") has
established a new subsidiary, Xcede Technologies, Inc., and transferred patent
pending biomaterials technology for use in tissue sealing and hemostasis.
Xcede's technology is a ready-to-use high-strength, fast-acting, combination
hemostat/ sealant. The Xcede Patch, the first embodiment of the technology
that Xcede plans to commercialize, requires minimal preparation time (less
than 1 minute), is not dependent on patient coagulation and is highly
effective on aggressive bleeding. The technology was initially invented by
Dr. Daniel Ericson and acquired by Dynasil in 2011. Since 2011 Dynasil has
further developed and refined the technology within its subsidiary, DBM,
before contributing it to Xcede.
Xcede Technologies, headquartered in Rochester, MN, has also signed a License
Agreement with Mayo Clinic, whereby Mayo will provide support assistance with
clinical trials and physician involvement with the design and development of
delivery tools and testing of clinical indications. Additionally, Xcede
Technologies has initiated a convertible note financing of up to $2 million to
fund its first in human trials. Participants in the financing include DBM,
Mayo Clinical Ventures, Southern Initiative Minnesota Foundation and
individual angel investors. Rochester Area Economic Development Inc. has also
committed to provide debt financing.
"Our new subsidiary will allow for a singular focus on development of the
tissue sealant technology in order to bring the Xcede Patch to market. Xcede
will be separately funded, relieving Dynasil of the need to fund development
going forward. Xcede has tremendous upside potential and all of the
ingredients needed to revolutionize the $4.5 billion global fibrin sealants
and hemostasis markets," said Peter Sulick, Chairman and CEO of Dynasil.
"This is the first spin out of technology developed internally at Dynasil.
We are hopeful that we can employ this model in the future as other technology
we are working on both within DBM and RMD, our large research organization,
Mayo Clinic has a financial interest in the technology mentioned in this news
release. Revenue Mayo receives is used to support the clinic's not-for-profit
mission in clinical practice, education and research.
Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures
detection and analysis technology, precision instruments and optical
components for the homeland security, medical and industrial markets including
medical imaging and sensors for non-destructive testing. Dynasil has an
impressive and growing portfolio of issued and pending U.S. patents. The
Company is based in Watertown, Massachusetts, with additional operations in
MA, MN, NY, NJ and the United Kingdom. More information about the Company is
available at www.dynasil.com.
This news release may contain forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements regarding future events and our future results are based on current
expectations, estimates, forecasts, and projections and the beliefs and
assumptions of our management, including, without limitation, our expectations
regarding results of operations, the commercialization of our technology, in
particular the Xcede patch, the success of our the efforts to fund the Xcede
subsidiary, positive outcomes of our human trials, regulatory approvals and
the strength of our intellectual property portfolio. These forward-looking
statements may be identified by the use of words such as "plans", "intends,"
"may," "could," "expect," "estimate," "anticipate," "continue" or similar
terms, though not all forward-looking statements contain such words. The
actual results of the future events described in such forward looking
statements could differ materially from those stated in such forward looking
statements due to a number of important factors. These factors that could
cause actual results to differ from those anticipated or predicted include,
without limitation, our ability to complete the convertible note financing,
our ability to develop and commercialize the Xcede patch, including obtaining
regulatory approvals, the size and growth of the potential markets for our
products and our ability to serve those markets, the rate and degree of market
acceptance of any of our products, our ability to address our material
weaknesses in our internal controls, general economic conditions, costs and
availability of raw materials and management information systems, our ability
to obtain and maintain intellectual property protection for our products,
competition, the loss of key management and technical personnel, our ability
to obtain timely payment of our invoices to governmental customers,
litigation, the effect of governmental regulatory developments, the
availability of financing sources, our ability to identify and execute on
acquisition opportunities and integrate such acquisitions into our business,
and seasonality, as well as the uncertainties set forth in the Company's 2012
Annual Report on Form 10 K, as amended on February 14, 2013, including the
risk factors contained in Item 1a, the Company's Quarterly Reports on Form
10-Q filed on February 13, 2013, May 15, 2013 and August 12, 2013 and from
time to time in the Company's other filings with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Dynasil Corporation of America
Phone: (617) 668-6855
SOURCE Dynasil Corporation of America
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