Healthcare Industry News: IsoTis
News Release - January 22, 2008
Progentix Orthobiology B.V. Closes Series A Financing RoundBILTHOVEN, The Netherlands, January 22 (HSMN NewsFeed) -- Progentix Orthobiology B.V. announced today the closure of its Series A financing Round. The round was led by BioGeneration Ventures.
Progentix Orthobiology B.V. was established in 2007 and develops a unique suite of osteoinductive material products for clinical application in bone regenerative surgery. Progentix bone graft material is based on surface structured ceramic biomaterial scaffolds that have the ability to attract growth factors and stems cells after implantation, which results in the induction of bone growth. These materials are not only superior to currently available synthetic ceramic bone grafts, but based on their bone healing and regeneration potential also directly compete with the gold standard of autologous bone, and the growth factors that are being used today and those under development. The Series A financing round will support further technology validation and the generation of clinical proof of principle.
Dr. Joost de Bruijn, CEO of Progentix Orthobiology said: "We are extremely pleased with the support of BioGeneration Ventures. This financing round will allow us to continue building value and lay the groundwork for the launch of our first products in the near future."
"We strongly believe in the high quality of the Progentix Orthobiology technology," says Edward van Wezel M.Sc., managing partner at BioGeneration Ventures BV. "This novel technology platform will address a real medical need in the area of bone grafts. The scientific team has an excellent track record in the development of biomaterials and tissue engineering." Dr. Clemens van Blitterswijk, professor in Tissue Regeneration at the University of Twente and former CEO of IsoTis N.V., and Edward van Wezel will join the board of directors of Progentix Orthobiology.
About Biogeneration Ventures BV
BioGeneration Ventures invests in Dutch Life Sciences companies. The team of BioGeneration is specialized in the evaluation of new technologies and in the management of start-up companies. BioGeneration Ventures was co-founded by the Netherlands Genomics Initiative (NGI), NWO, the holding of the University of Leiden, and ABN-AMRO Capital. BioGeneration closely cooperates with Forbion Capital Partners (http://www.forbion.com).
Source: Progentix Orthobiology
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