Acquires AquaMed Technologies, Inc., Developer of Transdermal Patches
NEW YORK, July 19, 2010 (GLOBE NEWSWIRE) -- HepaLife(TM) Technologies, Inc. (OTCBB:HPLF) (the "Company" or "HepaLife(TM)") recently completed its acquisition of AquaMed HepaLife(TM) Technologies, Inc. ("AquaMed"), a developer of transdermal patches. AquaMed's sheet hydrogels, which are the basis for AquaMed's patch technology, will complement the Company's existing HepaMate(TM) liver technology. Matthew Harriton, CEO of AquaMed, commented, "AquaMed's patch technology enables the delivery of drugs and active ingredients directly through the stratum corneum avoiding 'first pass' of the digestive system and the liver. We believe that delivering drugs this way reduces stress on the liver and helps reduce the chance of liver complications. HepaLife(TM), by expanding its portfolio with this acquisition, is now positioned to address the full spectrum of liver care, from preventative to curative."
Richard Rosenblum, president of HepaLife(TM) further stated, "We anticipate that the revenue derived from AquaMed's current hydrogel business will not only provide us with cash flow to expand AquaMed's core business, but also to pursue the continued development and ultimately the potential commercialization of HepaMate(TM)."
ABOUT HEPALIFE TECHNOLOGIES, INC. AND AQUAMED TECHNOLOGIES, INC.
HepaLife(TM) Technologies, Inc. is the developer of HepaMate(TM), an extracorporeal cell-based bioartificial liver system designed to combine blood detoxification with liver cell therapy to provide whole liver function in patients with the most severe forms of liver failure. HepaMate(TM) is comprised of a blood plasma separation cartridge, a hollow-fiber bioreactor filled with proprietary porcine liver cells, a charcoal column, an oxygenator, circuit tubing and a plasma reservoir. These components are assembled into a patented blood/plasma circulation system, which is placed on the HepaDrive(TM) perfusion platform.
HepaLife(TM), through its wholly-owned subsidiary AquaMed Technologies, Inc. also develops, manufactures and markets high water content, electron beam cross-linked, aqueous polymer hydrogels used for transdermal drug delivery, wound care, medical diagnostics, and cosmetics. These gels are produced using proprietary manufacturing technologies which enable AquaMed to develop, manufacture and market electron beam cross-linked aqueous polymer sheet hydrogels. AquaMed believes that it is one of two known manufacturers in the world of these gels. AquaMed specializes in custom hydrogels capitalizing on proprietary manufacturing technologies.
Any statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration.
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CONTACT: AquaMed Technologies, Inc. Ben Mayer 215 970 7193