Sep 25 2008
Competitive Technologies, Inc. today announced that Soteira Inc., has completed a second fund raise for a total of approximately $18 million in Series A and B financing. Massachusetts-based Soteira, a privately-held developer of treatment systems for compressed vertebral fractures, is the exclusive licensee to manufacture, use and sell products using CTT's nanoparticle bone biomaterial compound for applications related to the human spine. The funds raised by Soteira will be used for clinical testing of the compound and Soteira's unique application device.
"We are pleased with the progress Soteira is making to develop this technology for spinal repair applications," said Aris D. Despo, CTT's Executive VP, Business Development. "We strongly believe in the attributes and potential of this unique patented resorbable biocompatible bone cement and bone substitute technology for this application. Other potential applications available for license include human skeletal repair, craniofacial reconstruction, hip replacement, and bone graft substitute, as well as veterinary and dental purposes. The technology fulfills a clear-cut need in patient and animal care. The ongoing advancements being made bring us closer to a solution to fulfill that need, and to building revenue for CTT and its shareholders."
The bone biomaterial technology is a flowable, moldable paste that conforms to and interdigitates with the host bone. It rapidly hardens itself in vivo, forming a solid bone-like structure capable of stabilizing fractured bone within 15 minutes, and supports the growth of cartilage and bone cells. The technology has superior compressive strength, making it suitable for weight and non-weight bearing bones, and is both machinable and drillable.
CTT has an exclusive agreement with the University of South Carolina Research Foundation (USCRF) to license and commercialize the injectable, calcium phosphate-based nanotechnology biomaterial developed by Dr. Brian R. Genge, a research professor in the Department of Chemistry and Biochemistry at USC. Soteira is seeking FDA approval of the application device and the biomaterial based on the predicate technology of existing calcium phosphate bone cement in the "bone void filler" category. The agreement with Soteira provides an annual license fee, milestone, and royalty payments to both USCRF and CTT.