Artimplant initiates development cooperation with Genzyme
Biomaterials for Tissue Engineering Artimplant initiates development cooperation with Genzyme Artimplant AB and Genzyme Tissue Repair, a division within the Genzyme Corporation Group (USA), have signed a development collaboration agreement. Genzyme Corporation is one of the leading biotech companies in the world with revenues exceeding USD 670m in 1998. Artimplant's subsidiary Gothenburg Medical Center (GMC) shall during the coming 12 month period carry out a clinical evaluation for Genzyme Tissue Repair within the field of cartilage cell transplantation. Associate Professor Lars Peterson, founder of and Medical Director at GMC, has together with Associate Professor Anders Lindahl and Medical Doctor Anders Nilsson, both associated to Artimplant, developed the method for cartilage replacement, which Harvard Medical School considered to be one the ten most significant medical break-throughs in 1994. Genzyme Tissue Repair has acquired the rights to the method and the clinical documentation of patients treated at GMC has formed the basis for the FDA (Food and Drug Administration) approval. To date, some 2,500 patients have been treated with this method in the US. In Sweden, some 700 patients have been treated, whereof approximately 90 per cent have undergone surgery at GMC. The new agreement refers to a further developed method for cartilage cell transplantation, where GMC will carry out the clinical evaluation. Anders Cedronius, CEO at Artimplant, comments: "We are very pleased with a tightening of the collaboration that earlier has been established between Genzyme Tissue Repair and Associate Professor Lars Peterson at GMC. With Artimplant's focus on biodegradable implants within the field of orthopedic surgery, new opportunities opens up for a future broadening of the cooperation. Aside from our other prioritized product projects in joint surgery and bone fractures, we have intensified the development of our patent pending membrane products for such treatment areas as chronic wounds and cartilage damage". Artimplant is a research based biomaterial company focused on unmet needs in the field of orthopedic surgery. Artimplant's business concept is to develop, manufacture and market biodegradable implants that provide the injured tissue with temporary relief and support the body's natural healing process. The Company's researchers, which represent a unique combination of interdisciplinary competence, have synthesized a vast number of biodegradable polymers, that can be tailored for use in a number of different medical- treatment areas. Artimplant has developed and patented a resorbable ligament implant that currently is undergoing clinical trial for treatment of injured anterior cruciate ligament (ACL). A ruptured ACL in the knee is one of the most frequent ligament injuries and often leads to lifelong detrimental effects for the injured and substantial costs to society. Artimplant's technology can be applied in numerous other areas and the development activities have expanded to include more than a dozen projects, mainly in the field of orthopedic surgery. As part of Artimplant's market strategy Gothenburg Medical Center (GMC) was acquired with the purpose of establishing Swedish headquarters for Artimplant Academy - a forum for advanced clinical research, application and education within orthopedic surgery. Cartilage replacement - a new method for treatment of damaged cartilage - was developed by researchers employed or tied to Artimplant. The clinical documentation of the patients who have undergone cartilage replacement at GMC, has formed the basis for the US authorities' approval. Artimplant is listed on the O-list of the Stockholm Stock Exchange. Artimplant's interim reports and press releases can be retrieved from: www.Artimplant.se For further information, please contact: Anders Cedronius, CEO Artimplant tel: +46 (0)31 - 746 5600 Kari Odhnoff, Investor Relations Artimplant tel: +46 (0)708 - 639 341 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/09/06/19990906BIT00020/bit0001.doc http://www.bit.se/bitonline/1999/09/06/19990906BIT00020/bit0002.pdf