TiGenix Acquires Orthomimetics
TiGenix announced that it has acquired Orthomimetics, a privately held medical technology company based in the United Kingdom. This acquisition further supports TiGenix’ growth strategy of becoming a leading player in the promising and fast-growing field of regenerative medicine. Patrick West, served as a non-executive board member and advisor to Orthomimetics in the successful initiation, management and execution of this deal.
The acquisition of Orthomimetics also broadens TiGenix biomaterials expertise. Orthomimetics’ technological advantage lies in the patent-protected ability to combine three natural biomaterials, collagen, glycosaminoglycans andcalcium phosphate, into bioresorbable tissue regeneration scaffolds. The combination of Orthomimetics’ biomaterials know-how with TiGenix’ cell-based platform allows TiGenix to broaden its development focus towards regenerative medicine products for meniscus, tendon, and ligaments.
“This consolidation represents a natural extension of our core business strategy to provide the best regenerative medicine solutions to orthopedic surgeons worldwide. The synergies between Chondromimetic™ and ChondroCelect®allow us to leverage our existing European infrastructure and commercial capabilities, and provide the opportunity to increase our near-term revenue growth with limited impact on our cash needs” comments Gil Beyen, CEO of TiGenix. “The combination of these advantages and our expertise in developing cell-based therapeutic products creates a unique platform from which innovative future combination products can be developed.”
Orthomimetics was founded in 2005 as a spin-out from the University of Cambridge and the Massachusetts Institute of Technology (MIT). Its products are based on a leading collagen biomaterials platform for the production of scaffolds for cartilage, meniscus, ligament and tendon repair.Back to Transactions