Tuesday, 8 May 2012

Bacterin International inks third national GPO contract with Novation

Bacterin International Holdings (AMEX:BONE) unveiled Tuesday its third national group purchasing organization (GPO) contract, announcing a three-year agreement with health care supply chain company Novation.

The maker of bone graft material and antimicrobial coatings for medical applications said the agreement provides Bacterin's full biologic portfolio to the nationwide network of hospitals and medical practices served by Novation.

The portfolio includes Bacterin's OsteoSponge, OsteoSelect DBM Putty, OsteoWrap, OsteoLock, BacFast, hMatrix, Sports Medicine Allografts, and traditional allografts.

Bacterin's technology optimizes the growth factors in human allografts to promote bone, subchondral repair and dermal growth.

The company's products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, bone growth in foot and ankle surgery, cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.

"We are pleased to partner with Novation, an organization which has developed an industry-wide reputation for innovative, technology-driven, results-oriented approaches to improving supply chain performance," said Bacterin chairman and CEO Guy Cook.

"The inclusion of our products in Novation's network is a significant opportunity to create exposure and access for physicians to our broad portfolio of biologics.

"Our sales reps are excited to begin calling on their facilities."

The group purchasing agreement became effective after performing "months of research and evaluation" of the Bacterin product lines, Bacterin said.

Founded in 1998 and based in Irving, Texas, Novation is a health care supply chain company for the more than 65,000 members of VHA Inc. and UHC, two national health care alliances, and Provista, LLC.

The company provides alliance members with sourcing services, as well as information and data services and manages contracts with more than 600 suppliers.

Last week, Bacterin said that first quarter revenue increased 29 percent to $7.8 million, compared to $6.0 million in the year-ago period.

In the latest quarter, the company said hospital accounts increased to 756 facilities, an increase of 45 percent over 519 facilities in the first quarter of 2011.

In addition to bone graft material, the company also makes bioactive coatings for various medical device applications, including antimicrobial coatings designed to inhibit biofilm formation and microbial contamination.

The company's shares rose 0.7 percent Tuesday Morning, to $1.49.

No comments:

Post a Comment