Please replace the release with the following corrected version due to multiple revisions.
BERKELEY, Calif. (BusinessWire EON) September 25, 2007 -- The corrected release reads:
MEDTECH BIOMATERIALS LEADER POLYMER TECHNOLOGY GROUP (PTG) SPINS OUT LIFE SCIENCES INCUBATOR: EMERGENCE LLC
Emergence will initially focus on opportunities in biostable polymers, resorbable polymers, and polymers for therapeutic uses
"We want Emergence to be a magnet for superior technology that has a clear clinical advantage combined with a measurable reduction in total cost of patient care."
George Pitarra, President, Emergence LLC
Polymer Technology Group (PTG) (www.polymertech.com), a preeminent biomaterials company serving the medical device industry, announced today that it has spun-off a life sciences incubator, Emergence LLC (www.emergence-llc.com). Emergence will have access to PTG's world-class staff and state-of-the-art facilities for synthesis, characterization, processing, regulatory approval and manufacturing resources in the development of novel medical devices. Initially, Emergence will conduct its business within PTG's 53,000-square-feet facilities in the Temescal Business Park of Berkeley, Calif.
Robert S. (Bob) Ward, Founder, President and CEO of PTG, said, "The mission of Emergence is to identify cutting-edge technology around the globe and to enhance and apply these technologies to create life science companies. PTG will serve as a reservoir of human and technical resources for Emergence and these emerging companies. In short, PTG will begin to participate at the early stage in the evolution of these portfolio companies."
"PTG has developed an entirely new generation of biomaterials and has thus been a catalyst in the advancement of some remarkable medical devices that are significantly benefiting mankind," said George Pitarra, President of Emergence and PTG's Chief Financial Officer. "PTG will lend this wealth of technical and human assets to Emergence and its spin-offs, as well as invest capital in these ventures along with carefully chosen outside investors."
Polymer Technology Group (PTG) was co-founded in 1989 by Robert S. (Bob) Ward, who is a recognized pioneer in the field of biomaterials and the Company's CEO. PTG specializes in the research, development, design, scale-up, and manufacture of new polymers, components and medical devices. PTG's commercial product portfolio also includes two of the world's most extensively tested biomaterials in clinical use today, BioSpan(R) segmented polyurethane and Bionate(R) polycarbonate urethane. In addition, PTG offers custom-fabricated components from its patented PurSil(R) silicone polyether urethane and CarboSil(R) silicone polycarbonate urethane. PTG's recently expanded its operations to 53,000 square feet comprise the equipment and expertise to support expanded production-scale polymer synthesis and medical device manufacturing.