Tissue deal in genesis
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Tuesday, 1 August, 2000 - 22:00
PERTH-based Genesis Biomedical Ltd and German biotechnology group co.don are investigating the feasibility of establishing an Asia Pacific joint venture company to supply human tissue engineering and transplantation products and services for musculo-skeletal conditions.
The companies have entered into a heads of agreement and expect the feasibility study to be completed by the end of the year.
Subject to the feasibility study, co.don will licence its technologies to the joint venture, while Genesis will licence its smart-card controlled BioSafe Courier transportation and
validation technology, as well as its smart-card controlled post-operative orthopaedic braces being developed in conjunction with Bodyworks Inc.
The Berlin-headquartered company’s technology involves using patients’ own healthy cells to heal certain types of joint and spinal injuries or conditions – as an alternative to major surgery.
Healthy cells are harvested from around the injured area then transported to co.don’s tissue engineering facilities. Millions of new healthy cells are grown and are then transplanted back into the patient.
Genesis Biomedical chairman Saliba Sassine said tissue transplantation had already been used in hundreds of transplantation procedures.
He said the global market could grow to more than 70,000 knee procedures per annum, in excess of 25,000 spinal procedures and a similar number for bone defects.
“The market value for these procedures is estimated to be more than $2 billion per annum, while the associated post-operative orthopaedic bracing market could be worth a further $70 million and rehabilitation services another $150 million,” Mr Sassine said.
“Preliminary estimates for the Asia Pacific market are in the range of $350 million to $450 million per annum.”
The companies have entered into a heads of agreement and expect the feasibility study to be completed by the end of the year.
Subject to the feasibility study, co.don will licence its technologies to the joint venture, while Genesis will licence its smart-card controlled BioSafe Courier transportation and
validation technology, as well as its smart-card controlled post-operative orthopaedic braces being developed in conjunction with Bodyworks Inc.
The Berlin-headquartered company’s technology involves using patients’ own healthy cells to heal certain types of joint and spinal injuries or conditions – as an alternative to major surgery.
Healthy cells are harvested from around the injured area then transported to co.don’s tissue engineering facilities. Millions of new healthy cells are grown and are then transplanted back into the patient.
Genesis Biomedical chairman Saliba Sassine said tissue transplantation had already been used in hundreds of transplantation procedures.
He said the global market could grow to more than 70,000 knee procedures per annum, in excess of 25,000 spinal procedures and a similar number for bone defects.
“The market value for these procedures is estimated to be more than $2 billion per annum, while the associated post-operative orthopaedic bracing market could be worth a further $70 million and rehabilitation services another $150 million,” Mr Sassine said.
“Preliminary estimates for the Asia Pacific market are in the range of $350 million to $450 million per annum.”