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human skin cells and used to treat diabetic foot ulcers. The company says its sales are expected to climb to $80 million by the end of 2009, and McGee says the private company is now profitable.
About half of Advanced BioHealing’s 220 employees work in San Diego, and McGee says the company is moving to expand the use of its technology. “One of the things we’ve looked at as an organization is what other opportunities are out there,” McGee says. “We really have tried to expand the pipeline.”
In a strategic growth plan that chairman and CEO Kevin Rakin outlined in September, Advanced BioHealing has embarked on three initiatives:
—Expand Dermagraft sales in the U.S. and worldwide. Of the 23.6 million Americans with diabetes, Advanced BioHealing estimates 15 to 25 percent will develop foot ulcers. The company estimates there are 171 million diabetics worldwide.
—Explore new uses for similar bio-engineered products based on the company’s proprietary technology. Advanced BioHealing has begun enrolling 400 to 500 patients in eight countries for a late-stage clinical trial of its Dermagraft product on venous leg ulcers. The company also is looking at potential applications for soft tissue repairs, such as rotator cuff tears and Achilles tendon ruptures.
—Diversify its product line by re-launching TransCyte, an ATS-developed product that won FDA approval in 1997 as a temporary treatment for severe burns.
McGee says a variety of factors and management decisions have played a part in the success that two previous companies could not attain over the previous 22 years. One key factor is that Advanced BioHealing got … Next Page »
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