Columbus, Ohio (PRWEB) August 07, 2012
N8 Medical, Inc. (N8), an emerging company focused on novel antimicrobial coatings and pharmaceutical products based upon proprietary compounds, announced the completion of a significant transaction involving the sale of certain pharmaceutical uses that also resulted in liquidity for its investor group. N8, backed by Columbus, Ohio-based private equity firm Empire Advisors, LLC, holds a worldwide, exclusive license to proprietary CSA based technologies for medical device coatings and certain pharmaceutical applications. The risk of hospital-acquired infection is one the greatest concerns in the medical field and is expected to add more than $30 billion a year to healthcare costs. NIH-funded and N8’s own preclinical testing has shown that CSA-coated medical devices have the potential to greatly reduce the risk of infection in the hospital setting, combating nearly all pathogens of clinical relevance. This transaction will provide non-dilutive proceeds to N8, which will fund its development for the foreseeable future. N8’s investor group will receive proceeds in excess of their investment while maintaining their undiluted interest in N8. N8 will continue to develop its lead device and drug products with its expanding Columbus, Ohio-based development team. The terms of the transaction are confidential.
“I am gratified to complete this transaction as it not only provides sufficient capital but also allows us to retain essentially the entire portfolio of products that we are actively developing,” said David J. Richards, Chief Executive Officer of N8 Medical. “Based on the exceptional results of in vivo testing to date, we expect the next 12 months to be very fruitful in terms of both licensing agreements and product development.”
N8 recently announced a separate collaborative effort with Hydromer, Inc., a leading provider of coating services to medical device companies (http://www.hydromer.com), which will further advance its medical device coating business. Testing to date has shown that CSAs, when used in combination with a Hydromer coating approach, are very effective in combating biofilms and a broad spectrum of microbes. This coating approach has the potential to significantly reduce hospital-acquired infections and save patients’ lives, and thus reduce morbidity and save significant costs for healthcare systems worldwide.
N8 also expects continued progress on drug development efforts for Clostridium difficile, Shigella, Crohn’s disease, Cystic Fibrosis, orthopedic applications, and antibacterial surgical rinses and washes, among others. CSAs have exhibited potent antimicrobial properties and are rapidly bactericidal, fungicidal and virucidal against a wide array of pathogens, including multidrug resistant strains of Methicillin-resistant Staphylococcus aureus (MRSA) and Pseudomonas aeruginosa. CSAs have also shown the ability to both prevent and eradicate bacterial and fungal biofilms, which are nearly impossible to eradicate utilizing conventional antibiotics.
About N8 Medical, Inc.: N8 Medical, Inc. is an emerging biomedical technology company focused on creating innovative medical devices and pharmaceuticals to effectively combat a broad spectrum of infectious diseases and other conditions, including those attributable to multidrug resistant bacteria and those that cause hospital acquired infections. N8 Medical’s core technology is a new class of patented, synthetic antimicrobial compounds known as CSAs. N8 Medical is a privately held entity, backed by private equity firm Empire Advisors, LLC, and is based in Columbus, Ohio with facilities at TechColumbus (http://www.techcolumbus.org). For additional information please visit the following Website: http://www.N8Medical.com