SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 13, 1997
Derma Sciences, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 1-31070 23-2328753
(State or other jurisdiction (Commission (IRS employer
of incorporation) File Number) identification number)
121 West Grace Street
Old Forge, PA 18518
(717) 457-1232
(Address including zip code and telephone
number, of principal executive offices)
<PAGE>
Item 5. Other Events
Incorporated by reference is the press release issued May 13, 1997
concerning the Registrant's announcement of the signing of a letter of intent to
form a strategic joint venture with Innovative Technologies Group plc, Cheshire,
England. This release, which provides information the Registrant deems of
importance to security holders, is attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99 - Press release issued May 13, 1997.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
DERMA SCIENCES, INC.
Date: May 23, 1997 By: /s/ John T. Borthwick
---------------------
John T. Borthwick
President
Derma Sciences, Inc.
PRESS RELEASE
For Release: IMMEDIATELY
Contact: JOHN T. BORTHWICK (DSCI)
(717) 457-1232
Mark Alvino(PR - Allen & Caron, Inc.)
(212) 698-1360
DERMA SCIENCES ANNOUNCES INTENT TO FORM STRATEGIC JOINT VENTURE WITH U.K. -
BASED INNOVATIVE TECHNOLOGIES
OLD FORGE, PA, (MAY 13, 1997). Derma Sciences Inc. (NASDAQ:DSCI) Tuesday
announced that it has signed a letter of intent to form a strategic joint
venture with Cheshire, England-based Innovative Technologies Group plc, a public
company listed on the London Exchange (ITG.L). According to the announcement by
Derma Sciences, the joint venture will develop a broad line of wound care
products around Derma Sciences' proprietary zinc nutrient technology and
Innovative Technologies' bio-material technology. Under the agreement,
Innovative Technologies would acquire 25 percent of Derma Sciences shares, and
have rights to acquire additional shares upon fulfillment of certain criteria at
a price to be determined. The companies hope to sign the agreement within 45
days.
Derma Sciences would have exclusive rights to market and sell the resultant
products in the United States and its territories and possessions. The two
companies would share equally in the rights to market and sell -- or to license
the marketing and sale of -- the products outside the United States. The
products would be manufactured by Innovative Technologies at its
state-of-the-art facilities in the United Kingdom.
Edward J. Quilty, chairman of Derma Sciences who negotiated the agreement noted:
"Innovative Technologies has developed superior hydrocolloid, hydrogel and other
topical pharmaceutical delivery systems that are precisely on point for the
expansion of Derma Sciences' proprietary wound care technologies. The joint
venture company plans to announce five new products by mid-summer of this year,
and hopes to have the products on the market by year-end.
Innovative Technologies also has the expertise and facilities to be able to
manufacture these products in quantities and at qualities that will support
distribution both in the United States and internationally. We are very excited,
because we expect the full-line characteristics of the go-forward product family
to represent a major step forward in our plans to revitalize sales growth."
Keith Gilding, chief executive of Innovative Technologies, commented: "This
alliance allows Innovative Technologies to access the base technology and the
extensive clinical and regulatory experience of zinc-containing products from
the pre-eminent company in this field, DSI. Together, Innovative Technologies
and DSI can deliver a new advanced range of zinc-based products to the world
markets where they can be of particular benefit to treat chronic wounds in the
aging population."
Derma Sciences recently announced that it had hired two veteran healthcare
executives to spur forward its marketing and sales operations. Richard S. Mink
and Charles F. Caudell III joined the company as Vice President/Marketing and
Vice President/Sales, respectively.
Mink said, "The potential expansion of our nutrient-based product line
represents a major step forward in becoming a full-line supplier of wound
dressings for a wider spectrum of market segments. Our competitive position will
be broadened and updated as we introduce these new products."
Caudell said, "Our sales force and our distributors will have a complete
selection of wound dressings as they call on buyers and buying influentials.
That makes a considerable difference, because in the past we have been only a
niche supplier without a full-line. We believer the impact on sales will be
appreciable."
Innovative Technologies Group plc designs, develops and produces novel
high-performance polymers, both natural and synthetic, for the healthcare and
specialized non-medical markets in the United Kingdom. The company's products
include woundcare products and non-woundcare products such as biomaterials,
tubing products, textiles and dipped products.
Derma Sciences Inc. is engaged in the research, development, marketing and sale
of technology and products associated with tissue regeneration and the
management of certain chronic non-healing skin ulcerations such as pressure and
venous ulcers, surgical incisions and burns.
End of Press
Release - May 13, 1997
