Navigation Links
Progentix Orthobiology and NuVasive Sign Investment Agreement
Date:1/14/2009

BILTHOVEN, The Netherlands, January 14 /PRNewswire/ -- Progentix Orthobiology B.V. announced today that it has closed an investment agreement with NuVasive, a medical device company focused on developing products for minimally disruptive surgical treatments for the spine. Under the terms of the agreement NuVasive will gain access to Progentix' synthetic bone substitutes designed to accelerate bone healing through a novel micro-structure created by a proprietary manufacturing process.

NuVasive's initial commitment will be $15 million in cash, consisting of a $10 million equity purchase from Progentix shareholders and a $5 million loan used to fund ongoing clinical and regulatory efforts. Upon accomplishment of the complete set of pre-defined development milestones, NuVasive will be obligated to purchase the remaining equity of Progentix for $45 million, and, upon the achievement of additional milestones and NuVasive's sales success, pay a maximum earn-out of $25 million. In addition, NuVasive obtained exclusive worldwide distribution rights as well as an exclusive option to purchase all of Progentix under certain circumstances.

Joost de Bruijn, PhD, chief executive officer of Progentix Orthobiology said: "We are extremely pleased to be working with NuVasive, a company that has built an impressive track record of growth in the spine market by consistently and successfully leveraging innovation. NuVasive's investment allows Progentix to continue developing its unique family of bone graft materials and allows the near term commercialization of these products."

The Progentix product portfolio currently consists of a novel family of calcium phosphate synthetic bone substitutes. The Progentix granules have demonstrated osteoinductive-like properties in preclinical models and require FDA clearance via a 510(k) pathway. A putty formulation of the product is currently under development. Progentix is a spin-out from Twente University, the Netherlands, and has close ties to Queen Mary University in London, UK, where Mr. de Bruijn is a Professor of Biomaterials and focuses on the research of Progentix' unique suite of biomaterials. Progentix, founded in 2007, obtained a series A financing from BioGeneration Ventures in early 2008, allowing the accelerated development of its groundbreaking technology.

About Progentix Orthobiology

Progentix Orthobiology B.V. was established in 2007 and develops CuriOs (TM), a unique suite of osteoinductive-like material products for clinical application in bone regenerative surgery. CuriOs is based on surface structured ceramic biomaterial scaffolds that, in preclinical testing, have shown the ability to attract stem cells after implantation.

W: http://www.progentix.com


'/>"/>
SOURCE Progentix Orthobiology
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Progentix Orthobiology B.V. Closes Series A Financing Round
2. Nuvasive Reports Third Quarter 2008 Financial Results
3. NuVasive to Present at Morgan Stanley Global Healthcare Unplugged Conference
4. NuVasive Completes Acquisition of Osteocel Biologics Business
5. NuVasive Announces Web Cast and Conference Call of Second Quarter 2008 Results
6. NuVasive to Present at William Blair 28th Annual Growth Stock Conference
7. NuVasive Signs Definitive Agreement to Acquire Osteocel Biologics Business from Osiris Therapeutics
8. NuVasive to Present at Lehman Brothers Eleventh Annual Global Healthcare Conference
9. NuVasive to Present at Canaccord Adams Small-Cap Orthopedics Conference
10. NuVasive Announces Webcast and Conference Call of Fourth Quarter and Full Year 2007 Results
11. NuVasive to Host Investor Reception on September 11, 2007
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/29/2017)... ... March 29, 2017 , ... ... separable adhesive layers, as issued by the U.S. Patent & Trademark Office (USPTO). ... to combining electronics and health monitoring. This invention will be critical to the ...
(Date:3/29/2017)...  Vermillion, Inc. (NASDAQ: VRML), a bio-analytical solutions ... results for the fourth quarter and full year ... a pivotal year for us with our first ... agreements, major reimbursement progress with Medicare, positive medical ... addition we cleared our 2 nd generation ...
(Date:3/29/2017)... year,s petition to the White House signed by 120,000 ... generate awareness on the importance of new organic medicines and nutritional ... place. ... this month Health Advance (OTC PINK: HADV ), ... announced its endeavors on this generally recognized as safe ...
(Date:3/29/2017)... , ... March 29, 2017 , ... ... announce that Nerium International Mexico has been approved as an active member of ... achieve satisfaction and protection among distributers and consumers in relationship marketing. This professional ...
Breaking Biology Technology:
(Date:2/28/2017)... , Spanien, 27. Februar 2017  EyeLock LLC, ... Iris-Scan, wird seine erstklassige biometrische Lösung zur ... 835 mit X16 LTE auf dem Mobile ... März) am Qualcomm-Stand in Halle 3, Stand ... beinhaltet die Sicherheitsplattform Qualcomm Haven™ – eine ...
(Date:2/24/2017)... Spain , Feb. 24, 2017  EyeLock LLC, a ... demonstrate its elite iris biometric solution on the ... X16 LTE at Mobile World Congress 2017 ... Qualcomm,s Booth in Hall 3, Stand 3E10. ... the Qualcomm Haven™ security platform—a combination of ...
(Date:2/21/2017)... LONDON , February 21, 2017 ... um 70 Millionen US-Dollar wachsen. Nach einem Gespräch mit mehr ... es einige Hindernisse zu überwinden gilt, um diese Prognose ... ... unter anderem die Mobilisierung der finanziellen Mittel für die ...
Breaking Biology News(10 mins):