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Quick-Med Announces First Royalty Payments For Its Novel NIMBUS Technology

Quick-Med Technologies, Inc. (Quick-Med), a life sciences company developing technologies for the healthcare and consumer markets, has received the royalty payments for its novel NIMBUS non-leaching antimicrobial technology. The first royalty payment was given by Quick-Med licensee Derma Sciences, Inc. (Derma Sciences) for initial sales of its BIOGUARD dressings.

The company believes that BIOGUARD sales are off to a strong start. Royalties earned from late June to September 30, 2009 totaled more than $79,000 representing initial BIOGUARD sales of nearly $400,000. Quick-Med’s financial statements for the period ended September 30, 2009 reported only about $4,500 of the royalties as $75,000 was credited against the advance royalty fees the company had previously received in accordance with the terms of the license agreement. There are no further credits against future royalty fees. All future royalties are to be reported as revenues.

The company’s financial statements for the quarter ended September 30, 2009 also reflect modest revenues from BASF for sales of our MultiStat compound as well as revenues from Avery Dennison for work under a Joint Development Agreement to develop medical grade NIMBUS adhesives.

BIOGUARD dressings, which were introduced in June by Derma Sciences, are the first wound care products to feature Quick-Med’s novel, FDA-cleared NIMBUS technology. The dressings serve as a barrier to infection, kill germs absorbed into the dressing, and do not interfere with tissue healing. The NIMBUS active agent maintains effectiveness even in the presence of large amounts of proteinaceous exudates.

The company believes that NIMBUS is unique in that it is the only non-leaching antimicrobial wound dressing, which the company believes is an important distinction. Other antimicrobial dressings rely on the release of chemicals to the wound bed that can impede the wound healing process. By its design, NIMBUS poses minimal risk of bacteria developing resistance.

Quick-Med’s NIMBUS barrier gauze wound dressing received market clearance on February 25, 2009 from the US Food and Drug Administration via FDA’s De Novo review process, a special clearance program for low-risk medical devices that are found to be not substantially equivalent to any predicate device. Derma Sciences reported first commercial sales in late June. NIMBUS technology is protected by nine Quick-Med US patents and patents pending and 24 foreign counterparts.