Ortho Regenerative Technologies Closes Private Placement

By Julie A. Vetalice

Ortho Regenerative Technologies Closes Private Placement

Ortho Regenerative Technologies closed an oversubscribed non-brokered private placement of units for $3.2 million.

Net proceeds will be used to initiate enrollment and fund advancement of the ORTHO-R Phase I/II U.S. clinical trial for rotator cuff tear repair, as well as working capital and general corporate purposes.

ORTHO-R is the company's drug/biologic combination product candidate that is used as an adjunct to surgery. Results of a pivotal preclinical study in rotator cuff tear repair confirmed the safety profile of ORTHO-R biopolymer as well as statistical significance over standard-of-care (sutures and anchors) alone.

Philippe Deschamps, President and CEO, said, "We have already proceeded with site initiation visits in two of our U.S. clinical trial centers and now look forward to advancing patients' enrolment as quickly as possible with the runway provided by this private placement."

Source: Ortho Regenerative Technologies Inc.

Product Labels: Orthobiologic Soft Tissue Repair

Tags: Funding