Investment to expand clinical use of innovative cartilage regeneration implant GelrinC™
Regentis Biomaterials Ltd., a privately held company focused on developing proprietary hydrogels for tissue regeneration, announced that it has raised $10 million in its latest round of funding from new investors Royal DSM through its venturing subsidiary and from Crossroad Fund, as well as from existing investors Medica Venture Partners, SCPVitalife and the Technion Investment Opportunities Fund.
The Series C round of financing will be used to establish Regentis’s European presence and expand its ongoing clinical efforts of GelrinC. The biodegradable implant enhances growth of articular cartilage in damaged knee joints. It is currently an investigational device, and not available for sale in the U.S., Europe and Israel.
“We are thrilled with our new and existing investors’ commitment to make GelrinC available to patients suffering from knee cartilage injuries,” said Regentis Biomaterials CEO and President Dr. Alastair Clemow. “With this new investment, Regentis is poised to expand its clinical efforts and further demonstrate how GelrinC can regenerate cartilage so patients can return to an active lifestyle.”
The product allows knee cartilage to regenerate so that it is of high quality and fits tightly with surrounding cartilage and underlying bone. It closely restores cartilage to the condition it was in prior to injury. While there are cartilage repair techniques that relieve pain and restore the knee’s functionality, the regenerated cartilage resulting from these procedures is different in nature from the native cartilage and is often followed by subsequent surgical procedure.
Regentis Biomaterials is currently conducting a multi-center pilot study in Europe and Israel to evaluate the safety and performance of GelrinC. Prior pre-clinical studies have successfully demonstrated its ability to regrow cartilage.
The company will be participating at the upcoming International Cartilage and Repair Society (ICRS) with a hands-on GelrinC demonstration in Booth # 16. ICRS will be held May 12-15, 2012 in Montreal, Canada.
About Regentis Biomaterials
With offices in Or Akiva, Israel and Princeton, NJ, Regentis Biomaterials is a privately held company focused on developing and commercializing proprietary hydrogels for tissue regeneration. The company’s core technology is a biodegradable hydrogel called Gelrin™. It is based on polyethylene glycol diacrylate and denatured fibrinogen originally developed at the Technion – Israel Institute of Technology by Dr. Dror Seliktar.