SanguiBioTech and SanderStrothmann have established a joint venture company sastOmed.

The establishment of the new company is to obtain the CE mark certification of the Hemospray wound spray and to start producing, marketing and distributing the product on a global scale.

To this effect, Sangui has granted sastOmed comprehensive and exclusive licenses on a global scale.

Project management, financing and execution of the projected activities will be taken care of by the joint venture which will be headed by Michael Sander and Rene Strothmann, managing directors of SanderStrothmann, who in addition will contribute their experience in product development and their proven industry contacts and cooperations.

Under the terms of the contracts sastOmed will pay a milestone-based downpayment as compensation for the licenses and has granted Sangui royalties on all future sales of the product.

SanguiBioTech managing director Hubertus Schmelz said the joint venture and licensing agreement is a decisive breakthrough on the way to reaching their goals.