Globe Newswire04.23.20
Stewart & Stevenson (S&S), a subsidiary of Kirby Corporation, and Rice University announced today the signing of an exclusive licensing agreement to produce an advanced version of the ApolloBVM ventilator.
The ApolloBVM ventilator is an emergency device intended to help patients breathe during first response situations or when traditional, more complex ventilators are not available. The programmable device is designed to operate a common bag valve mask for extended periods of time while patients await the availability of a traditional ventilator.
Joe Reniers, president of Kirby Distribution and Services commented, “We are pleased to announce the exclusive license agreement for an advanced version of the ApolloBVM ventilator. This agreement combines the strengths of S&S’s engineering, high-volume manufacturing and global distribution capabilities with the outstanding work by the ventilator development team at Rice’s Oshman Engineering Design Kitchen (OEDK). It is our expectation that the ApolloBVM ventilator advancements that have been jointly developed will not only respond to the critical health care device needs associated with the COVID-19 pandemic but will also provide a sturdy and portable system that can be rapidly deployed to the frontlines during other emergency response situations.”
S&S has applied for an emergency use authorization for the device from the U.S. Food and Drug Administration.
“I am thrilled that the hard work by the OEDK team, in the midst of the COVID-19 pandemic, has resulted in this agreement with S&S,” said OEDK Director Maria Oden, also a teaching professor of bioengineering and co-director of the Rice 360˚ Institute for Global Health. “They have the ability to produce the ApolloBVM at scale, providing emergency ventilation needs during this crisis and beyond.”
Kirby's fourth-quarter net earnings for the period ended Dec. 31, 2019, amounted to $2.8 million or $0.05 per share, compared with a net loss of ($24.4) million or ($0.41) per share for the 2018 fourth quarter. Excluding one-time charges in both quarters, 2019 fourth quarter net earnings attributable to Kirby were $34.5 million or $0.58 per share, compared with $44.9 million or $0.75 per share for the 2018 fourth quarter. Consolidated revenues for the 2019 fourth quarter were $655.9 million compared with $721.5 million reported for the 2018 fourth quarter.
The ApolloBVM ventilator is an emergency device intended to help patients breathe during first response situations or when traditional, more complex ventilators are not available. The programmable device is designed to operate a common bag valve mask for extended periods of time while patients await the availability of a traditional ventilator.
Joe Reniers, president of Kirby Distribution and Services commented, “We are pleased to announce the exclusive license agreement for an advanced version of the ApolloBVM ventilator. This agreement combines the strengths of S&S’s engineering, high-volume manufacturing and global distribution capabilities with the outstanding work by the ventilator development team at Rice’s Oshman Engineering Design Kitchen (OEDK). It is our expectation that the ApolloBVM ventilator advancements that have been jointly developed will not only respond to the critical health care device needs associated with the COVID-19 pandemic but will also provide a sturdy and portable system that can be rapidly deployed to the frontlines during other emergency response situations.”
S&S has applied for an emergency use authorization for the device from the U.S. Food and Drug Administration.
“I am thrilled that the hard work by the OEDK team, in the midst of the COVID-19 pandemic, has resulted in this agreement with S&S,” said OEDK Director Maria Oden, also a teaching professor of bioengineering and co-director of the Rice 360˚ Institute for Global Health. “They have the ability to produce the ApolloBVM at scale, providing emergency ventilation needs during this crisis and beyond.”
Kirby's fourth-quarter net earnings for the period ended Dec. 31, 2019, amounted to $2.8 million or $0.05 per share, compared with a net loss of ($24.4) million or ($0.41) per share for the 2018 fourth quarter. Excluding one-time charges in both quarters, 2019 fourth quarter net earnings attributable to Kirby were $34.5 million or $0.58 per share, compared with $44.9 million or $0.75 per share for the 2018 fourth quarter. Consolidated revenues for the 2019 fourth quarter were $655.9 million compared with $721.5 million reported for the 2018 fourth quarter.