OrthoMimetics Scoops Cambridge News Business Excellence Award

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Wednesday, April 09, 2008

OrthoMimetics, the developer of novel regenerative medicine approaches for cartilage and ligament repair, joined other successful businesses at the Cambridge News Business Awards Ceremony held at King’s College, Cambridge, and overcame strong competition to win the ‘Rising Star’ category.

The Rising Star category was created to recognise businesses “which promise to one day join the ranks of our great companies”. OrthoMimetics was chosen above the other nominees, as matching the category criteria of “sound business ideas” and as having “an indication of the exceptional quality which turns an ordinary business into something special”.

Last year’s winner was Plastic Logic, who raised $100 million for the development of an electronic reader, which is being launched this year. Other award winners include Autonomy, the infra structure software group, who have just announced their new partnership with global software giant, Logica.

The annual awards are judged by a panel of distinguished businessmen which this year included Nigel Brown OBE, Chairman of the Cambridge Partnership, and Professor Walter Herriott OBE, Director of the St Johns Innovation Centre . OrthoMimetics’ CEO, Dr Andrew Lynn, received the award from Nigel Brown and BBC presenter Jeremy Vine who hosted the award ceremony. Mr Vine, impressed by the cluster of innovative business in the area, said “This is so cutting edge…if you want to see the future, it is here in Cambridge”.

Commenting on the award, Andrew Lynn, CEO and Founder of OrthoMimetics said, “It is an honour to receive this award in recognition of the progress we have made in developing ChondroMimetic. This award is an important endorsement of both our product pipeline and the hard work of our team, and we look forward to another year of strong growth”.

It is hoped that OrthoMimetics’ lead product, ChondroMimetic, an implant for cartilage replacement in the knee, used for sports injuries and orthopaedic trauma, will reduce the risk of total joint replacement and thereby make a major impact on the raising the standard of healthcare worldwide. OrthoMimetics hopes to be selling ChondroMimetic next year following regulatory approval.

Editors Notes:

OrthoMimetics Limited is a medical technology company that specialises in the design, development, and manufacture of products for the treatment of sports injuries, trauma other conditions that affect knees, ankles and other articular joints. 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 using natural biomaterials. These products are engineered to be compatible with existing surgical techniques and to work in combination with emerging cell- and biologics-based products.

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