KENNESAW,Development efforts for CryoLife’s so-called hydrogel product intended to rapidly stop massive bleeding will get a $1 million boost from Congress.
The company said the recently approved Defense Appropriations Conference Report includes the funds, CryoLife said. The bill awaits signature by President Bush.
CryoLife (NYSE: CRY) has its BioFoam product in pre-clinical stage development. It contains an expansion agent and sets rapidly while expanding, thus offering the chance to stem bleeding quickly.
BioFoam is based on technology CryoLife used in developing BioGlue, which is used to control bleeding rather than sutures or staples. The product is sold in the US, Canada and the European Community and generates sales of more than $20 million a year.
“BioFoam is being developed for use in battlefield situations to treat gunshot and mortar wounds, which will allow more time for soldiers to reach a medical facility,” said Congressman Phil Gingrey, a supporter of the Bill. He represents the 11th Congressional District.
Senator Saxby Chambliss also supported the legislation.
“We appreciate the support of Congressman Gingrey and Senator Saxby Chambliss, as we believe this funding for the development and potential use of BioFoam may save the lives of U.S. soldiers serving our country in the armed forces,” said Steven Anderson, CryoLife’s president and CEO, in a statement.
CryoLife stock traded at $4.69 in afternoon trading, up 6 cents.