Israeli Start-up That Treats Knee Cartilage Injuries Raises $15M for U.S. Pivotal Clinical Trial
Chinese pharmaceutical group Haisco led the Series D investment round
PRINCETON, New Jersey and OR AKIVA, Israel, February 10, 2016 /PRNewswire/ --
Regentis Biomaterials Ltd., a leader in the field of cartilage repair, announces the closing of its Series D investment round on February 5, 2016. The $15 million investment was led by Haisco Pharmaceutical Group ("Haisco"), a leading Chinese pharmaceutical manufacturer, and was joined by existing Regentis investors including Medica Partners, SCP Vitalife Partners, Generali Financial Holdings and both the Technion Research & Development Foundation and the Technion Innovation Opportunities Fund.
Regentis Biomaterials has developed GelrinC®, a proprietary hydrogel based on technology invented at The Technion - Israel Institute of Technology. Implanted as a liquid, GelrinC is cured in-situ to form a resorbable implant which is gradually replaced by newly regenerated cartilage. As part of the investment, Haisco will serve as the exclusive distributor of GelrinC in China.
The investment will be used primarily for conducting a pivotal clinical trial on GelrinC in the United States as required to obtain marketing approval from the FDA, according to Alastair Clemow, Ph.D., Regentis Biomaterial's CEO. In the earlier trial in Europe and Israel, GelrinC provided patients suffering from cartilage injuries with exceptional relief from knee pain and improved function to return to normal activities. The key features of the product- suitability for a wide range of injuries, ease of use and excellent mid-term results - provide the surgeon with an exciting new technique for treating patients. "We look forward to collaborating with Haisco to expand the potential of this technology in the Chinese market over the coming years," stated Clemow.
"We are delighted to enter the Israeli market with a significant investment in Regentis Biomaterial," said Haisco's CEO, Wang Junmin. "We see great potential for GelrinC in China and look forward to applying our know-how and experience in bringing this exciting surgical technology to the China market for the benefit of patients, surgeons and hospitals alike."
About Regentis Biomaterials
Regentis Biomaterials is a privately held company developing biodegradable hydrogels for the regeneration of damaged or diseased tissue. The company's first product is GelrinC©, a cell-free implant for the treatment of injuries to articular knee cartilage.
For more information, please visit http://www.regentis.co.il.
About Haisco Pharmaceutical Group Co., Ltd.
Haisco Pharmaceutical Group, founded in 2000, is a publicly listed company focusing on marketing and sales of internally-developed therapeutic drugs. Haisco ranks third in size in China's chemical pharmaceutical industry. The company's products are sold to more than 3,000 hospitals throughout China with annual sales of over US$800 million.
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SOURCE Regentis Biomaterials Ltd.