Collagen Solutions PLC ChondroMimetic® Update (9488Z)
December 20 2017 - 6:55AM
UK Regulatory
TIDMCOS
RNS Number : 9488Z
Collagen Solutions PLC
20 December 2017
Collagen Solutions Plc
(the "Company")
ChondroMimetic(R) Update
First Partner Deal Agreed with South Korean Partner
Collagen Solutions plc (AIM: COS), the developer and
manufacturer of medical grade collagen and tissue components for
use in regenerative medicine applications including orthopaedics,
dental, wounds, and cardiovascular, announces its first partnering
deal for ChondroMimetic(R) with a South Korean partner, Insung
Medical Co. Ltd. ("Insung Medical"). Financial terms have not been
disclosed.
ChondroMimetic(R) is a minimally-invasive surgically placed
scaffold for the repair of cartilage defects in the knee. The
company is expecting results from an eight-year clinical extension
study to be reported in Q1 2018.
Insung Medical, based in the Wonju Medical Industry Techno
Valley near Seoul, was originally established in 1984 and focuses
on manufacturing and sales of consumable surgical products to
domestic and overseas markets. Insung's existing product range and
sales provides access to multiple local markets in South Korea.
Subject to approval, ChondroMimetic(R) will be commercialised by
Insung Medical in collaboration with the existing Collagen
Solutions commercial office in Seoul which will also provide
technical and educational support.
Jamal Rushdy, CEO of Collagen Solutions, commented: "We are
delighted to announce our first partnering deal with Insung
Medical, providing early validation of the global commercial
opportunity of ChondroMimetic(R). Insung Medical's enthusiasm for
the opportunity to commercialise ChondroMimetic(R) in South Korea
aligns with our strategy to launch the product to address the unmet
need for a simple, cost-effective and long-term clinically
effective treatment for cartilage defects."
Mr. In Keum Song, Chairman of Insung Medical added: "I am very
delighted to partner with Collagen Solutions for its ChondroMimetic
product line. I look forward to a long term positive business
relationship with Collagen Solutions as we expand into new
technologies".
Following the anticipated completion of the aforementioned
extension study next quarter, Collagen Solutions and Insung Medical
will collaborate to apply for approval by the Korean Ministry of
Food And Drug Safety (MFDS) in parallel with Collagen Solutions'
application for the CE Mark for European approval. Expected timing
of such MFDS approval is not determined at this time.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Collagen Solutions Plc Via Walbrook
Jamal Rushdy, Chief Executive
Officer
Gill Black, CFO and Company
Secretary
Head of Investor Relations Mob: 07721 413 496
Lisa Baderoon (lisa.baderoon@collagensolutions.com)
Cenkos Securities plc (Nominated
Adviser and Broker)
Steve Cox Tel: 0207 397 8900
Stephen Keys
Walbrook PR Tel: 020 7933 8780 or collagen@walbrookpr.com
Mike Wort Mob: 07900 608 002
Anna Dunphy Mob: 07876 741 001
About Collagen Solutions:
Collagen Solutions Plc is a global supplier, developer, and
manufacturer of medical grade collagen, tissues, and related
medical devices and components for use in regenerative medicine,
medical devices and in-vitro diagnostics and research. The Company
is also expanding its range of biomaterials-based finished medical
devices based on its internal and acquired intellectual property
for commercialisation with partners via licensing and distribution
arrangements, including ChondroMimetic(R). The Company's products
are used in a wide variety of applications including orthopaedics,
cardiovascular, dental, plastic surgery, wound healing, neurology
and urology.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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