BRANCHBURG, NJ -- (Marketwire) -- 03/05/09 -- Following the termination of an Availability
and Supply agreement as reported on January 20, 2009, Hydromer, Inc.
(OTCBB: HYDI) announces that a new Availability and Supply Agreement has
been entered into.
The new agreement, with some modifications over the previously cancelled
agreement, provides Hydromer's customer, a large N.J. device manufacturer,
to a continued supply & support of two of Hydromer's proprietary lubricious
coatings for a fee of $35,000 per month on a non-exclusive basis. This
agreement, effective January 1, 2009 has a guaranteed fifteen-month
duration and provides for a 90-day cancellation notice by either party
after the first twelve months.
"We continue to maintain the position that the related Hydromer technology
used on neurological catheters, and approved for use in Japan, is of value.
While our customer now has a continued supply, Hydromer has the rights to
market the technology to other parties," stated Manfred F. Dyck, Chief
Executive Officer.
Hydromer, Inc. is a technology-based company involved in the research and
development, manufacture and commercialization of specialized polymer and
hydrogel products for medical device, pharmaceutical, animal health,
cosmetic, personal care, and industrial uses. For the latest information
about Hydromer, Inc. and its products, please visit our web site at
http://www.hydromer.com.
Contact:
Robert Y. Lee
Chief Financial Officer
(908) 722-5000