Ortho Regenerative Technologies Inc (CSE:ORTH) has announced that it has received a $500,000 grant to advance the development of its secondary technology platform indication ORTHO-M for meniscus repair.
The grant was obtained through the company's partnership with Polytechnique Montreal from non-profit organization Axelys, whose mission is to contribute to the economic and social prosperity of Quebec by accelerating the development and transfer of high-potential innovations stemming from public research, according to the company.
Ortho Regenerative Technologies, which is focused on the development of novel soft tissue repair regenerative technologies, said there were approximately 600,000 meniscus repair operations in North America every year, representing a $1 billion market opportunity.
READ: Ortho Regenerative Technologies progressed toward Phase 1/2 rotator cuff repair trial of Ortho-R in 4Q, FY 2022
“Meniscus repair is yet again another soft tissue operation with a significant 20% to 40% failure rate that could potentially be helped by our drug/biologic platelet-rich plasma (PRP) combination product,” the company said.
Ortho Regenerative Technologies CEO Philippe Deschamps said the grant would be used to complete the preclinical development work for meniscus repair as a second high-value indication, in addition to the company’s ongoing rotator cuff tears repair clinical program.
“Obtaining this grant further demonstrates the strategic value of our close partnership with Polytechnique Montreal and consolidates the significant multi-indication potential of our drug/biologic PRP combination product for soft tissue repair,” Deschamps said.
Based in Montreal, Ortho Regenerative Technologies is an emerging orthobiotics company dedicated to the development of novel therapeutic soft tissue repair technologies to dramatically improve the success rate of orthopedic and sports medicine surgeries.
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