LONDON (Alliance News) - Sinclair Pharma PLC on Monday said it has agreed to buy a suture product for breast cosmetic and re-constructive procedures, the Refine Support System, for up to USD11.3 million from Refine LLC. This consideration includes regulatory and sales based milestones and royalties. The product is a soft and flexible suture-mesh-anchor system to lift and support soft tissue. It has been cleared by the US Food & Drug Administraion, and Sinclair plans to submit it for regulatory review Europe and Brazil, as well as other key markets in Asia, the Middle East and Latin America. It expects initial approvals and launches in the first non-US territories in 2019. Additionally, Sinclair has amended its existing distribution deal with ThermiGen LLC to include the Refine Support System, allowing it to be sold alongside its existing product Silhoutte Instalift. "We believe this product has significant global potential both as a standalone and to complement other regularly performed procedures. Following future regulatory approvals, we will launch the product into the other large aesthetic markets around the world, with the initial focus on Europe and Brazil," said Chief Executive Officer Chris Spooner in a statement. Shares in Sinclair Pharma were untraded Monday, last closing at 30.00 pence. By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews Copyright 2017 Alliance News Limited. All Rights Reserved.
Sinclair Pharma is to buy the US Food & Drug Administration-approved Refine Support System from Refine for up to $11.3m, according to CEO Chris Spooner. The product, usually used in breast cosmetic and reconstructive procedures, is a flexible suture-mesh-anchor system that lifts and supports soft tissue. "Following future regulatory approvals, we will launch the product into the other large aesthetic markets around the world, with the initial focus on Europe and Brazil," said Spooner.