GOSSELIES, Belgium--(BUSINESS WIRE)--Regulatory News:
BONE THERAPEUTICS (Brussels:BOTHE) (Paris:BOTHE), the bone cell therapy company addressing high unmet medical needs in the field of bone fracture repair and bone fracture prevention, today announces it has been granted EUR 3 million in non-dilutive funding from the Walloon Region in Belgium through new forgivable loans1 to support preclinical research programs.
The funding will cover up to 55% of expenses related to three research projects2 that have been designed to further investigate the preservation, properties and mechanism-of-action of Bone Therapeutics’ osteoblastic cells over a two-year period.
This preclinical research will enable Bone Therapeutics to broaden its understanding of the mechanisms and the properties of its bone-forming (osteoblastic) cells. This should enable the Company to explore additional indications and administration routes, and allow the further optimization its production processes.
The first project will further investigate the technique to cryopreserve Bone Therapeutics’ allogeneic (originating from a healthy donor) bone cell product, ALLOB®. Optimization of this process should allow the Company to increase production yields and simplify logistics, potentially supporting ongoing clinical studies.
The second project will study the adhesion and migration of the allogeneic bone-forming cells in response to different factors, a process called chemotaxis. Proteins on the surface of the cells that are involved in the process will be investigated, and the information gathered should provide additional insight into the characteristics of the osteoblasts and their behaviour in the body after administration.
The third project is dedicated to the development of a technique for the purpose of selecting bone marrow samples, donated by healthy volunteers, with the most appropriate characteristics for the production of the Company’s allogeneic bone cell products, based on proteins expressed by the cells. Preselection of bone marrow samples could enhance the current production process by avoiding the risk of utilizing bone marrow cells that might result in products with lower yield or not completely fulfilling the criteria.
Enrico Bastianelli, CEO of Bone Therapeutics, commented: “These new funds will help finance important preclinical research that will deepen our understanding of the properties of our osteoblastic cells, optimize our production processes and continue the development of our bone cell products. We are grateful for the continued support of the Walloon Region.”
1. The forgivable loans are granted to support specific research and
development programs. These loans become refundable under certain
conditions, including the fact that the Group decides to exploit the R&D
results of the project. In such case, part of the loan (typically 30%)
becomes refundable based upon an agreed repayment schedule, whereas the
remaining part (typically 70%) only becomes refundable to the extent
revenue is generated within 10 years after the date at which the
exploitation has been decided. Accordingly, if no revenue is generated
within that period of 10 years, any non-refunded part of the loan is
forgiven.
2. Two out of the three grants have been attributed to
SCTS (Skeletal Cell Therapy Support), an affiliate of Bone Therapeutics
dedicated to provide infrastructure, logistics and manufacturing
services in the field of bone cell therapy.
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About Bone Therapeutics
Bone Therapeutics is a leading biotechnology company specializing in the development of cell therapy products intended for bone fracture repair and fracture prevention. The current standard-of-care in this field involves major surgeries and long recovery periods. To overcome these problems, Bone Therapeutics is developing a range of innovative regenerative products containing osteoblastic/bone-forming cells, administrable via a minimally invasive percutaneous technique; a unique proposition in the market.
PREOB®, Bone Therapeutics’ autologous bone cell product, is currently in pivotal Phase IIB/III clinical studies for two indications: osteonecrosis and non-union fractures, and in Phase II for severe osteoporosis. ALLOB®, its allogeneic “off-the-shelf” bone cell product, is in Phase I/IIA for the treatment of delayed-union fractures and lumbar fusion for degenerative disease of the spine. The Company also runs preclinical research programs and develops novel product candidates.
Founded in 2006, Bone Therapeutics is headquartered in Gosselies (South of Brussels, Belgium). Bone Therapeutics’ regenerative products are manufactured to the highest GMP standards and are protected by a rich IP estate covering 11 patent families. Further information is available at www.bonetherapeutics.com.
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
