Collagen Solutions plc, the developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, has acquired all of the assets and an exclusive worldwide licence for the associated intellectual property to ChondroMimetic from Orthomimetics Limited (OL) and Cambridge Enterprise (CE), the commercialisation arm of the University of Cambridge.
ChondroMimetic is a collagen-based implant for the treatment of small osteochondral (cartilage and underlying bone) defects and had previously received CE-mark approval for the treatment of small chondral and subchondral lesions. The addressable market is estimated to be in excess of US$500 million.
The deal for this product, which has been used in over 300 successful procedures, gives Collagen Solutions access to a portfolio of patents and patent applications covering a range of related collagen-based bioactive materials. These have the potential to revolutionise the regenerative medicine market for orthobiologics providing structural repair for bones and joints as well as the delivery of biological agents such as stem cells and other therapeutic agents. The ability to effectively repair joints rather than have to replace them will significantly reduce the US$36 billion cost to health services of joint replacements.
ChondroMimetic and its related products and IP will be transferred to a newly formed wholly-owned subsidiary of Collagen Solutions. This subsidiary will be responsible for bringing the manufacture of the product in-house and gaining registrations for the product in order for it to be sold in all significant territories around the world.
Commenting on the acquisition Stewart White, CEO of Collagen Solutions, said: “Having established Collagen Solutions as the go-to Company for providing novel medical grade collagens, we were in a position to look at acquiring products that are collagen related and would give us the opportunity to not only provide part of the product, but to add value through the manufacture, supply and commercialisation thereby retaining a greater proportion of the value of the product within Collagen Solutions.”
ChondroMimetic is an ideal first medical device acquisition as it brings us both an established product as well as access to a portfolio of additional IP we can exploit in the future.Stewart White
Ian Harris, Company Director of Orthomimetics added: “We are delighted to have reached this agreement with Collagen Solutions, which has the resources and knowledge-base to see ChondroMimetic build on its early promise and create additional novel related products which will revolutionise the orthobiologics market.”
You can see a video of the ChondroMimetic procedure here.
Tags: ChondroMimetic, collagen, Collagen Solutions, Ian Harris, Orthomimetics LImited, Stewart White