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:10/10/2017)... , ... October 10, 2017 , ... ... Center’s FirstHand program has won a US2020 STEM Mentoring Award. Representatives of the ... for Excellence in Volunteer Experience from US2020. , US2020’s mission is to change ...
(Date:10/10/2017)... DALLAS , Oct. 10, 2017 International research firm ... IoT Strategy, will speak at the TMA 2017 Annual Meeting , ... key trends in the residential home security market and how smart safety ... ... "The ...
(Date:10/10/2017)... ... October 10, 2017 , ... USDM Life Sciences ... the life sciences and healthcare industries, announces a presentation by Subbu Viswanathan and ... presentation, “Automating GxP Validation for Agile Cloud Platforms,” will present a revolutionary approach ...
(Date:10/9/2017)... DIEGO , Oct. 9, 2017  BioTech ... biological mechanism by which its ProCell stem cell ... critical limb ischemia.  The Company, demonstrated that treatment ... amount of limbs saved as compared to standard ... the molecule HGF resulted in reduction of therapeutic ...
Breaking Biology Technology:
(Date:7/20/2017)... -- Delta (NYSE: DAL ) customers now can use fingerprints ... Washington National Airport (DCA). ... Delta launches biometrics to board aircraft at Reagan Washington National ... Delta,s biometric boarding pass experience that launched ... into the boarding process to allow eligible Delta SkyMiles Members who are ...
(Date:6/14/2017)... , June 15, 2017  IBM (NYSE: IBM ) is ... tech event dedicated to developing collaboration between startups and global ... June 15-17. During the event, nine startups will showcase the ... in various industries. France ... international market, with a 30 percent increase in the number ...
(Date:5/16/2017)... --  Bridge Patient Portal , an enterprise patient ... Systems , an electronic medical record solutions developer ... a partnership to build an interface between the ... products, including Centricity Practice Solution (CPS), Centricity Business ... integrations will allow healthcare delivery networks using GE ...
Breaking Biology News(10 mins):