Ortho Regenerative Technologies Inc. announced today that it has received, through its partnership with Polytechnique Montreal, a $500,000 non-dilutive grant from Axelys, to advance the development of its second technology platform indication, ORTHO-M, for meniscus repair.
MONTREAL, May 26, 2022 /PRNewswire/ - Ortho Regenerative Technologies Inc. (CSE: ORTH) (OTC: ORTIF) (“Ortho” or the “Company”), a clinical-stage orthobiologics company focused on the development of novel soft tissue repair regenerative technologies, announced today that it has received, through its partnership with Polytechnique Montreal, a $500,000 non-dilutive grant from Axelys, to advance the development of its second technology platform indication, ORTHO-M, for meniscus repair. “Obtaining this grant further demonstrates the strategic value of our close partnership with Polytechnique Montreal and consolidates the significant multi-indication potential of our drug/biologic PRP combination product for soft tissue repair”, said Philippe Deschamps, the Company’s CEO. “This research grant will be used to complete the preclinical development work for meniscus repair as a second high-value indication, in addition to the currently ongoing rotator cuff tears repair clinical program”, continued Deschamps. There are approximately 600,000 meniscus repair operations in North America every year representing a $1 Billion market opportunity. Meniscus repair is yet again another soft tissue operation with a significant 20-40% failure rate that could potentially be helped by our drug/biologic/ PRP combination product. About Axelys Created in April 2021, Axelys is a non-profit organization whose mission is to contribute to the economic and social prosperity of Quebec by accelerating the development and transfer of high-potential innovations stemming from public research. Axelys offers consulting and support services in development, intellectual property management and innovation transfer to all public research institutions in Quebec, in all regions. In addition, Axelys contributes to the creation of scientific companies spun off from public research. About Ortho Regenerative Technologies Inc. Ortho is a clinical stage orthobiologics company dedicated to the development of novel therapeutic soft tissue repair technologies to dramatically improve the success rate of orthopedic and sports medicine surgeries. Our proprietary RESTORE technology platform is a proprietary muco-adhesive Chitosan-based biopolymer matrix, specifically designed to deliver biologics such as Platelet-Rich Plasma (PRP) or Bone Marrow Aspirate Concentrate (BMAC), to augment and guide the regeneration of new tissue in various musculoskeletal conditions. ORTHO-R, our lead Chitosan-PRP hybrid drug/biologic implant combination product, is formulated and designed to increase the healing rates of occupational and sports related injuries to tendons, meniscus and ligaments. Other formulations are being developed for cartilage repair, bone void filling and osteoarthritis treatment. The proprietary Chitosan-PRP combination ORTHO-R implant can be directly applied into the site of injury by a surgeon during a routine operative procedure without significantly extending the time of the surgery and without further intervention. Considering the significant potential of our technology platform, Ortho continues to assess new therapeutic target uses outside of the soft tissue repair field. Further information about Ortho is available on the Company’s website at www.orthorti.com and on SEDAR at www.sedar.com. Also follow us on LinkedIn and Twitter. Forward-Looking Statements This news release may contain certain forward-looking statements regarding the Company’s expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Ortho Regenerative Technologies Inc. | ||
Company Codes: OTC-QB:ORTIF, CNSX:ORTH, OTC-BB:ORTIF |
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