Alafair Biosciences Receives Innovative Technology Contract from Vizient for VersaWrap®

2024-04-03

Contract awarded for products that bring improvement to healthcare industry AUSTIN, Texas, April 3, 2024 /PRNewswire/ -- Alafair Biosciences, Inc, a leading innovator in the development and commercialization of medical devices, today announced its flagship product, VersaWrap®, has received an Innovative Technology contract from Vizient, Inc., the nation's largest provider-driven healthcare performance improvement company. The contract, effective April 1, 2024, was awarded based on the recommendation of VersaWrap by hospital experts who serve on one of Vizient's customer-led councils. The contract signifies to Vizient provider customers unique qualities that potentially bring improvement to the healthcare industry. Innovative Technology contracts are recommended after review and interaction with products submitted through Vizient's Innovative Technology Program. Vizient customer-led councils identify technologies that have the potential to enhance clinical care, patient safety, healthcare worker safety, or to improve business operations of healthcare organizations. VersaWrap is a hyaluronic acid (HA) and alginate hydrogel that allows tissues to glide and to remain untethered, thereby reducing reoperations and improving patient outcomes. Designed to protect injuries during healing, VersaWrap is the only class II medical device FDA-cleared for use on tendon, ligament, skeletal muscle, and peripheral nerve (including nerve root) and is the only tendon / nerve hydrogel that can be implanted as a sheet or as an extrudable gel. While most competing products are collagen-based (bovine, porcine, human placental tissue), VersaWrap comprises hyaluronic acid (HA) and plant-based alginate, free of human or animal materials. "We are sincerely honored that VersaWrap has been recognized and awarded this distinguished Innovative Technology contract," stated John Joyoprayitno, President & CEO of Alafair Biosciences. "This contract is a great opportunity to increase access of VersaWrap to Vizient customers, clinicians, and patients across the US." "Congratulations to Alafair Biosciences for achieving this peer-designated status," said Kelly Flaharty, senior director contract services and Vizient Innovative Technology Program leader. "Our customer council deemed VersaWrap worthy of this designation for its potential to make a real difference in the healthcare industry." Vizient represents a diverse customer base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute healthcare providers and has a portfolio that represents more than $130 billion in annual purchasing volume. Through its Innovative Technology Program, Vizient works with customer-led councils and task forces to evaluate products for their potential to bring real innovation to healthcare. Vizient may award a contract to products deemed worthy of the Innovative Technology designation outside of the competitive bid cycle. For more information, contact John Joyoprayitno, at jjoyo@alafairbiosciences.com. About Alafair Biosciences, Inc. Alafair is a privately held medical device company developing and marketing an innovative product portfolio based on its proprietary hydrogel technology. Alafair's mission is to improve surgeon experience and patient outcomes by preventing unwanted soft tissue tethering in all surgical applications. Alafair products are distributed through a dispersed network of independent distributors across the United States. About VersaWrap® VersaWrap is an FDA-cleared medical device implant (not tissue) comprising hyaluronic acid (HA) and alginate that provides a gelatinous encasement for peripheral nerves, tendons, and surrounding tissues such as ligaments and skeletal muscles. VersaWrap allows tissues to glide and to remain untethered, thereby reducing reoperations and improving patient outcomes.