FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of
1934
November 1, 2002
SMITH & NEPHEW plc
(Registrant's name)
15 Adam Street
London, England WC2N 6LA
(Address of registrant's principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
----- -----
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information to
the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act
of 1934.]
Yes No X
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2 (b) : 82- n/a.
Total Pages: 4
17 September 2002
SMITH & NEPHEW 2002 PRELIMINARY RESULTS TIMING
Smith & Nephew, the global advanced medical devices company, today announced
that its 2002 Preliminary Results will be released on Thursday 6 February
2003. This will coincide with the American Academy of Orthopaedic Surgeons
(AAOS) meeting in New Orleans, which many financial analysts will be
attending.
The results will be released to the London and New York Stock Exchanges at 12
noon GMT, 6am US Central time.
A simultaneous analyst meeting will be held in London at 2pm GMT and in New
Orleans at 8am Central time. The presentations will be linked by satellite and
will combine an overview of the financial results with the new product update
on the orthopaedic and endoscopy businesses, which takes place each year at
the orthopaedic academy meeting. The presentations will also be webcast live
via the Internet.
Enquiries:
Angie Craig, Director of Corporate Affairs Tel: +44 (0)20 7401 7646
Smith & Nephew plc
Jonathan Birt Tel: +44 (0) 20 7831 3113
Financial Dynamics
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11th October 2002
SMITH & NEPHEW PLC SEEKS TO ACQUIRE DERMAGRAFT JOINT VENTURE DURING ADVANCED
TISSUE SCIENCES CHAPTER 11 PETITION
Further to the announcement by Advanced Tissue Sciences, Inc. (ATIS) that it
is filing a voluntary petition for reorganisation under Chapter 11 of the US
Bankruptcy Code, Smith & Nephew plc, the global advanced medical devices
company, announces that ATIS is petitioning the court concerned to allow Smith
& Nephew to acquire ATIS' 50% share of the Dermagraft joint venture for $12m.
ATIS is a US-based tissue engineering company and Smith & Nephew's partner in
a joint venture for the marketing and manufacture of Dermagraft(R), a
tissue-engineered dermal replacement for use in treating hard-to-heal diabetic
foot ulcers, and TransCyte(R), a temporary skin cover for treating serious
burns.
Subject to certain conditions and the approval of the bankruptcy court, the
acquisition should be completed by the end of the year. In the meantime Smith
& Nephew will work with the management of ATIS and advance up to $5m of the
acquisition consideration, so as to maintain continuity of supply of
Dermagraft(R) and TransCyte(R) and achieve an orderly transition of skills and
resources from ATIS.
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The acquisition of ATIS' share of the joint venture will require Smith &
Nephew to bear an increased share of the start-up costs of the venture of some
$18m over 2003 and 2004. This is more than counterbalanced by the benefit of
attaining full control and with breakeven targeted in 2005 and 100% of profits
thereafter. Smith & Nephew's underlying mid-teens EPS growth target remains
unchanged.
Since the US launch of Dermagraft(R) last year, clinicians have received the
product favourably and reimbursement for Dermagraft(R) is progressing to plan.
Coverage policies for the use of Dermagraft(R) in treating diabetic foot
ulcers have now been established to cover about half of the potential Medicare
beneficiaries. Combined sales of Dermagraft(R) and TransCyte(R) are expected
to reach $8 million during 2002.
Chris O'Donnell, Chief Executive of Smith & Nephew, said: `Dermagraft(R) and
TransCyte(R) are offering excellent therapeutic benefits to patients. Whilst
it is disappointing that Advanced Tissue Sciences cannot continue to fund the
Dermagraft(R) joint venture, we believe it will benefit both Smith & Nephew
and wound care patients to acquire control and realise the full potential of
these products.'
Enquiries:
Chris O'Donnell, Chief Executive Tel: +44 (0) 20 7401 7646
Smith & Nephew plc
Peter Hooley, Finance Director Tel: +44 (0) 20 7401 7646
Smith & Nephew plc
Angie Craig, Corporate Affairs Director Tel: +44 (0) 20 7401 7646
Smith & Nephew plc
David Yates/Jonathan Birt Tel: +44 (0) 20 7831 3113
Financial Dynamics
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