Hopkinton, MA, November 14, 1996--Creative BioMolecules, Inc. (Nasdaq: CBMI) and Stryker Corporation (Nasdaq: STRY) today announced a worldwide exclusive collaboration to develop and commercialize periodontal and dental products based on OP-1 and related proteins that stimulate tissue differentiation.
Stryker will receive worldwide, exclusive rights to market products commercialized through the collaboration. Creative will receive an upfront payment and royalty payments based on product sales. Creative retains manufacturing rights. Additional terms were not disclosed.
Creative BioMolecules is a discovery and development company focused on proprietary therapeutics for human tissue regeneration and restoration. The Company's therapeutics are based on proteins that act as signals in initiating and regulating the cellular events involved in tissue and organ formation.
Stryker Corporation develops, manufactures and markets specialty surgical and medical products, including orthopaedic implants, powered surgical instruments, endoscopic systems and patient care and handling equipment for the global market and provides outpatient physical therapy services in the United States.
The statements in this news release that are not historical facts include forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the Companys expectations include, without limitation, the achievement of product development milestones by the Company, the impact of competitive products, the timely receipt of regulatory clearances required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Companys periodic reports.
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For additional information on this news release, please contact the Company.