Bone Therapeutics Awarded EUR 3 million in Funding to Support New Research Projects
November 30 2015 - 1:00AM
Business Wire
Walloon Government to fund further research
into the preservation, properties and mechanism-of-action of Bone
Therapeutics’ bone-forming cells
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.
-Ends-
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.
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Bone Therapeutics SAEnrico Bastianelli, Chief Executive
OfficerWim Goemaere, Chief Financial OfficerTel: +32 (0)2 529 59
90investorrelations@bonetherapeutics.comorFor Belgium and
International Media EnquiriesConsilium Strategic
CommunicationsAmber Fennell, Jessica Hodgson, Lindsey Neville
and Hendrik ThysTel: +44 (0) 20 3709
5701bonetherapeutics@consilium-comms.comorFor French Media and
Investor EnquiriesNewCap Investor Relations & Financial
CommunicationsPierre Laurent, Louis-Victor Delouvrier and
Nicolas MerigeauTel: + 33 (0)2 44 71 94 94bone@newcap.fr