NUCRYST Pharmaceuticals established its first licensing agreement in 2001 with Smith & Nephew. NUCRYST owns all patents and intellectual property for SILCRYST™ medical coatings and is the exclusive manufacturer of all Acticoat™ products for Smith & Nephew. Under the agreement, NUCRYST receives royalties and manufacturing payments and is eligible for up to US $56.5 million in milestone payments for certain regulatory and sales achievements of which $19.0 million has already been received by NUCRYST.
Smith & Nephew has sales representatives world wide, providing global distribution of Acticoat™ antimicrobial barrier dressings with SILCRYST™ coatings. Smith & Nephew initiated a North American sales campaign in June 2001 and began a sales campaign in Europe in the fall of 2001. Acticoat™ products are now sold in 30 countries. The licensing agreement for Acticoat™ dressings has been beneficial for both NUCRYST and Smith & Nephew.