Velico Medical, Inc. announced that it has sold to OrbiMed Advisors, LLC certain royalty rights Velico Medical has under an exclusive license agreement with a large biosurgical products company. Velico Medical retains all rights to use its technologies in its own business, the development of products for transfusion medicine.
“The funding obtained through the OrbiMed transaction enables us to continue to advance our product-candidates toward commercialization.”
Douglas L. Clibourn, President and Chief Executive Officer of Velico Medical, said, "We are pleased to have established a relationship with an investor of OrbiMed's caliber. This transaction validates the strategic value of our technology in the marketplace." Velico Medical's Chief Financial Officer, Tom Fitzgerald, added, "The funding obtained through the OrbiMed transaction enables us to continue to advance our product-candidates toward commercialization."
Legend Merchant Group, LLC served as financial advisor to Velico on the transaction.