ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) told investors it has launched a new development program targeting significant unmet medical needs in the multi-billion dollar burn and skin repair market.
Proof of concept studies have already been completed and results will be announced in the coming weeks, the company said.
The burn and skin repair market is currently valued at US$19 billion and is expected to grow at a compound annual growth rate (CAGR) of more than 5% through 2032, it added.
While pursuing its soft tissue repair programs, ChitogenX said it believes targeting the skin integrity market will allow it to leverage its ongoing work in the ortho-regenerative market where its technology is being evaluated to deliver therapeutic compounds such as platelet-rich plasma (PRP) to patients in need.
The company said its proprietary chitosan-based biopolymer is well suited to help address significant unmet medical needs to repair skin defects caused by burns, other trauma and wounds of various aetiologies, alone or in combination with other cellular technologies, due to its unique characteristics allowing it to adhere to tissues thus facilitating the delivery of various therapeutic interventions to its target tissue when compared to standard of care.
"ChitogenX wishes to leverage positive data in proof-of-concept studies combined with the recently obtained US and Canadian patents for our chitosan-based biopolymer,” commented the company’s president and CEO Philippe Deschamp.
“Burn and skin repair programs potentially allow for efficient clinical trial development program, streamlined regulatory process and faster path to commercialization.”
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.
Contact the author at stephen.gunnion@proactiveinvestors.com