Skyline Medical Inc (NASDAQ:SKLN) shares were up 66.24% to $2.61 on Tuesday and an additional 3.45% in after-hours trading. Share prices have been trading in a 52-week range of $1.52 to $169.00. The company has a market cap of $5.75 million at 3.27 million shares outstanding.
Skyline Medical Inc is a medical device company that develops and manufactures The STREAMWAY System, which is a solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. It then distributes these products to hospitals, surgical centers and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented and disposed.
Apart from that, the company also manufactures and sells two disposable products required for system operation: a bifurcated single procedure filter and tissue trap, and a single use bottle of cleaning solution which are used on a single-procedure basis. It also offers its STREAMWAY Automated Surgical Fluid Waste Management System, which is a wall mounted automated system that disposes of an unlimited amount of suctioned fluid from the patient using standard surgical tubing.
In a press release this week, Skyline Medical Inc announced that it signed an exclusive distribution deal in the UK for its STREAMWAY System. This distribution agreement is with GLG Pharma, which will be responsible for all sales and marketing activities in the UK. This arrangement will commence once the product receives CE Mark clearance, although financial details haven’t been disclosed yet.
In particular, GLG Pharma will be in charge of sales and marketing activities, including hiring and training the appropriate number of direct sales representatives to cover the 3,600 operating rooms in the UK. GLG plans on developing rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures, which could focus on cancer biomarkers and infectious diseases.
“We look forward to bringing the benefits of the STREAMWAY System to healthcare professionals and facilities across the U.K. and to an even closer relationship with Skyline,” said Richard Gabriel, Co-founder and Chief Operating Officer of GLG Pharma.
He added that GLG has considerable experience with bringing medical products to EU facilities. Earlier this year, the STREAMWAY system received ISO 13485:2003 certification, which is an internationally recognized quality standard for medical devices. This is a requirement for medical device clearance in Canada, the EU and a majority of other countries that require products meet EU safety, health and environmental requirements.
GLG Pharma is a privately held, early stage, biotechnology company developing personalized therapies for patients with cancer and other proliferative diseases. Its therapeutics expected to aid in the treatment of a wide variety of cancers and address unmet needs in the multi-billion dollar anti-cancer market.
On Monday, Skyline Medical Inc also announced that newly-appointed board members Timothy A. Krochuk and J. Melville Engle, along with CEO Richard Gabriel, will be interviewed on WPSL’s “MONEYINFO by PRINCETON RESEARCH with MIKE KING and CHARLES MOSKOWITZ” this week. This discussion has featured more details on the company’s partnership agreement with GLG and on the medical device experience of Krochuk and Engle.