ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) shares jumped after it announced the launch of its second orthopedic development program in meniscus repair following the development completion of its preclinical arthroscopic surgery program.
In a statement, Philippe Deschamps, the company's president and CEO said: "The 20% to 40% failure rate associated to the 700,000 meniscus repair operations in the US every year represents a huge market opportunity for any technology platform who can provide any significant improvement in tissue healing.
"The meniscus preclinical study will be our second proof of concept for our proprietary ORTHO-R drug/biologic product in an orthopedic indication with high unmet medical needs. Insights on arthroscopic delivery procedures gained during test surgeries have provided us with very valuable information and additional knowledge to confidently move forward with the initiation of our meniscus development program.
"The official start of the meniscus repair preclinical trial demonstrates and confirms the multiple indications potential of our technology platform," added Deschamps.
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Shares of the Montreal-based company were up 13% on Thursday at C$0.26 in Toronto.
The meniscus repair preclinical program calls for ChitogenX’s proprietary arthroscopic repair procedure to be tested on 22 sheep where standard of care (sutures alone) vs platelet-rich plasma (PRP) alone vs PRP delivered by ORTHO-R biopolymer will be compared.
The first meniscus repair surgeries are scheduled to begin in mid-November 2022 and should be completed by the end of that month with study results expected by the fall of 2023, the company said.
The program is funded by a previously announced Axelys grant of $750,000, it added.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.
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Contact the author at jon.hopkins@proactiveinvestors.com