TiGenix awarded new grant for biomaterials platform development
Leuven (BELGIUM) - September 20, 2010 - TiGenix (NYSE EURONEXT: TIG) announces that it has been awarded a new research grant for the development of its collagen biomaterials platform bringing the total grant funding for its UK subsidiary this year to GBP 0.8 million.
TiGenix Ltd, TiGenix' subsidiary in the United Kingdom, has been awarded a research grant of GBP 0.6 million from the UK National Institute for Health Research (NIHR) under their Invention for Innovation (i4i) programme. The grant, in collaboration with the University of Cambridge, will support the development of novel implants for meniscus repair, combining collagen based scaffolds with cells and growth factors and further enable the company to develop novel applications of its biomaterials platform.
The i4i award follows two earlier grants from the Technology Strategy Board (TSB), under their Regenerative Medicine Programme, for a total of GBP 0.2 million for therapeutics feasibility studies: the preparation of a pan-European patient registry to generate additional clinical evidence for ChondroMimetic, and the development and optimization of large scale GMP manufacturing processes for ChondroMimetic. Both projects support the commercial development of the ChondroMimetic product.
'We are pleased to have received these grants which highlight the quality of our UK biomaterials research team. These additional funds will assist us in generating supporting clinical evidence for our ChondroMimetic products and accelerate ongoing development efforts of new combination products.' comments Gil Beyen, CEO of TiGenix.
Based in Leuven, Belgium, TiGenix NV (NYSE Euronext Brussels: TIG) is a public biomedical company that focuses on 'Regenerating Motion‟. The company is exploiting the power of Regenerative Medicine to develop durable treatments, validated through controlled clinical trials, for damaged and diseased skeletal tissues. TiGenix now has two products approved for marketing and sales in Europe:
ChondroCelect®, the company‟s lead product for cartilage regeneration in the knee, is the first cell-based product that successfully completed the entire development track from research, over clinical development to central European registration as a medicinal product. ChondroCelect consists of characterized cultured chondrocytes derived from the patient‟s own cartilage and is used for autologous chondrocyte implantation (ACI), a surgical procedure to treat cartilage defects. ChondroCelect received European Marketing Authorization as the first Advanced Therapy Medicinal Product.
ChondroMimeticT is an off-the-shelf, collagen based implant for the treatment of small osteochondral (cartilage and underlying bone) defects. ChondroMimetic received CE-mark approval for the treatment of small chondral and subchondral lesions. It will be marketed as a procedure pack with the collagen implant preloaded in an accurate, easy to use delivery device.
The company exploits a proprietary (stem) cell and biomaterials platform, which will continue to generate candidate products that address specific musculoskeletal problems.
With a fully operational sales team in place, TiGenix is ready for commercial expansion and reinforcement of its leading position in Europe in the regenerative medicine field.
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