KIRKLAND, QC, Aug. 11, 2015 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") has completed an investment to acquire a 44% equity investment in Ortho Regenerative Technologies Inc. ("Ortho RTi"), a privately held Canadian biotechnology company. Manitex's investment is comprised of a $500,000 equity investment, a $240,000 credit facility. Furthermore, Manitex will provide assistance and documentation to help Ortho RTi obtain regulatory certification and commercial production scaleup.
Simultaneous with the above investment, Ortho RTi has entered into an Agreement with Gestion Univalor, L.P. and Polytechnique Montréal to acquire a platform technology for the repair and regeneration of damaged joints including the knee and shoulder. This novel platform uses formulations specially designed to transform from a freeze-dried polymer into therapeutic microparticles, either upon contact with surgically prepared lesions or when combined with blood fractions enriched for cells that stimulate wound healing. This core technology is the foundation upon which Ortho will develop a portfolio of products that help regenerate joint tissues.
"This platform is built on solid scientific research by experts in joint and tissue repair" commented Steve Saviuk, CEO of Manitex who will serve as interim President of Ortho RTi. " The first application will be on the repair of torn meniscus in the knee. Ortho RTi has generated encouraging data from a recently completed pilot animal model showing the ability to stimulate meniscus healing in joints treated with their technology. Additional clinical targets include the repair of articular cartilage and of the rotator cuff."
Currently, only a small percentage of surgical procedures to repair tears to the meniscus, rotator cuff and articular cartilage result in satisfactory regeneration. Ortho's continuing development will focus on this large percentage of tears that require biological stimulation to heal properly. Ortho's products are provided in a stable lyophilised format that is easily added to current treatment protocols already in place in orthopaedic surgery.
Under the terms of the Agreement, Univalor has agreed to transfer several patent applications and their related know-how to Ortho RTi who in turn has awarded a three year contract to Polytechnique Montréal to carry out a research and development program to further advance the related technologies.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Corporation's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Corporation disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity interests in emerging or established companies and actively participates in increasing shareholder value in these businesses. Manitex currently has 12,561,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
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For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO Tel.: 514-694-0150, [email protected]