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Healthcare: Kensey Nash, St. Jude Ink Supply Deal

June 28, 2010 (FinancialWire) — Kensey Nash Corp. (NASDAQ: KNSY), a regenerative medicine firm, said that it entered into a new two-year supply agreement with St. Jude Medical, Inc. (NYSE: STJ) for the period from January 1, 2011 to December 31, 2012.

The agreement provides for Kensey Nash to be the exclusive outside supplier of collagen plugs, one of the key resorbable components of the Angio-Seal Vascular Closure Device, an arterial puncture closure product.  The new agreement provides for calendar year 2011 minimum order levels equivalent to approximately 25% of current annual collagen plug sales.

Under the existing agreement that remains effective through December 31, 2010, Kensey Nash is the exclusive supplier of collagen plugs and a 30% supplier of polymer anchors.

Under the new agreement, effective January 1, 2011, Kensey Nash will not supply any polymer anchors. In fiscal year 2010 (ending June 30, 2010), collagen plug sales to St. Jude Medical are expected to be approximately $17 million and polymer anchor sales $1.9 million.  

Royalties under the Angio-Seal license agreement between Kensey Nash and St. Jude Medical are not affected by the new supply agreement, according to Kensey Nash.

Pennsylvania-based Kensey Nash is a medical device company primarily focused on regenerative medicine utilizing its proprietary collagen and synthetic polymer technology.  

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