Ministerial visit marks £3.25 million project to help sports injuries heal faster

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Sunday, June 17, 2007

Cambridge, UK, 14 June 2007 - Athletes could soon have access to new technology for helping repair cartilage with a medical device being developed by Cambridge-based OrthoMimetics Limited.

ChondroMimetic is a small device used for repairing articular-cartilage damage, a problem common to sporting injuries. It’s made from a special material that closely resembles the structure of the surrounding cartilage and bone, making it easier for healing to occur.

When implanted by a surgeon, it helps the body to heal damaged cartilage more rapidly. The product’s make-up is more like natural tissue than any other products on the market, which makes it easier for the body’s cells to replace it with natural, healthy cartilage.

The £3.25m project, backed by £817,000 from the Department of Trade and Industry, will involve a preclinical trial and a pilot clinical trial to further test the device and obtain permission for it to be sold in the EU.

Visiting the OrthoMimetics facility in Cambridge today, Science and Innovation Minister, Malcolm Wicks said:

“This research looks like a real winner – not only for UK business but for all the millions of people suffering from sports-related and other injuries every year across the world.

“If this product could lead to patients having a more rapid recovery time, it would add to their comfort and also create savings on healthcare by reducing risk that they will eventually need a total joint replacement.

“We’re keen to support companies like OrthoMimetics and help build the UK’s expertise to make us a world leader in important fields like regenerative medicine.”

ChondroMimetic is expected to be on the market in the EU in late 2008 or early 2009. An estimated 1,000,000 knee-cartilage related procedures are performed in the EU each year, with the cost of total joint replacements worldwide exceeding $30bn.

Led by OrthoMimetics, the project is being conducted in partnership with the University of Cambridge Orthopaedic Research Unit located at Addenbrooke’s Hospital.

OrthoMimetics CEO, Dr Andrew Lynn, commented: “This project is a strong example of the commitment that both OrthoMimetics and the UK government have made to raising the standard of healthcare. We are honoured to be a part of this initiative, and pleased to be able to put our shareholders’ investments to work alongside this valuable contribution from the DTI.”

Dr Enda Kenny, COO of OrthoMimetics, said: “A key aspect of this development programme is the strong emphasis that it places on generating objective, and comprehensive clinical data. ChondroMimetic has the potential to be a significant and cost-effective improvement over existing treatments, and we look forward to demonstrating this potential over the course of this project.”

Editors Notes

OrthoMimetics Limited is a medical technology company that specialises in the design, development, and manufacture of biological scaffolds, supporting tissue regeneration. Formed in 2005 as the first spin-out venture from the Cambridge-MIT Institute, the company is bringing to market a line of medical-device products designed to improve the treatment outcome of first-line surgical procedures for the regenerative repair of articular cartilage, ligament and tendon injuries. These products have been engineered to be compatible with existing surgical techniques and to work in combination with emerging cell- and biologics-based products. OrthoMimetics products are based on a platform technology that enables the scalable production of bioresorbable devices that support tissue regeneration at complex anatomical locations. The company believes this will enable production of devices that mimic the strong, smooth stable interface between mineralised tissue and universalised tissue present at bone/cartilage, bone/ligament, and bone-tendon interfaces.

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