- Patient recruitment for our Rotator cuff repair Phase I/II trial reached important milestone
- ORTHO-R soft-tissue residency properties confirmed in grant-supported large animal meniscus study
- Total of
$4.0 million grants secured to expand indications of ORTHO-R technology platform - Closed private placements for
$4.1 million with$2.6 million of insiders' participation Hired Bruder Consulting & Venture Group to pursue new strategic development partnerships for the ORTHO-R proprietary regenerative medicine platform
"During the first quarter, the Company further demonstrated the versatility of its ORTHO-R technology platform with the confirmation of its residency properties in a second indication following the successful completion of its large animal meniscus tear repair study", said
Commenting on the first quarter 2024 results,
- In
February 2023 , the Company successfully confirmed soft-tissue residency properties of its chitosan/PRP based biopolymer matrix, ORTHO-R, in a grant-supported large animal meniscus tear repair study.
- In
April 2023 , the Company changed its auditors fromErnst&Young LLP to Guimond Lavallée,Chartered Professional Accountants Corporation ; and - In
February 2023 , the Company obtained, in partnership with Polytechnique Montréal, a$3,472,000 grant fromThe Natural Sciences and Engineering Research Council of Canada ("NSERC") and Prima Québec. The 4-year grant will be used to advance the scientific development, expand the scope of indications, develop new biomaterials for regenerative medicine and accelerate the commercial readiness of the Company's flagship ORTHO-R technology platform.
- In
June 2023 , the Company entered into an agreement withBruder Consulting & Venture Group ("BCVG") to serve as their exclusive advisory firm for the pursuit of new strategic development partnerships and to accelerate ongoing partnership discussions for the Company's ORTHO-R proprietary regenerative medicine platform and associated assets; - In
June 2023 , the Company closed a$288,000 second tranche of its previously announced non-brokered private placement offering of units. The second tranche of the Offering consists of gross cash proceeds of$41,250 and$247,141 in debt conversions from holders of convertible debentures which matured onMay 1, 2023 . The Company issued 1,922,608 Units at a price of$0.15 per Unit for a total consideration of$288,391.40 ; and - In
May 2023 , the Company closed a first tranche of its amended non-brokered private placement offering of units for$3.86 million , including$1.8 million of Insiders' subscriptions and issued 25,708,988 Units at a price of$0.15 per Unit. Holders of debentures that matured onMay 1, 2023 , also opted to reinvest$2.1 million of principal and accrued interest into the Private Placement.
Other formulations are being developed to leverage the technology's performance characteristics such as tissue adhesion, pliability, and ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease. Further information about
This news release may contain certain forward-looking statements regarding the Company'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 Company 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.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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