Orthovita and Aastrom Biosciences Announce Collaboration Agreement for Orthopedic Products; Alliance to Combine Aastrom Tissue
20 March 2006 - 11:00PM
Business Wire
Aastrom Biosciences, Inc. (Nasdaq:ASTM) and Orthovita, Inc.
(Nasdaq:VITA) jointly announced today they have signed an agreement
to develop products for the orthopedics market using Orthovita's
synthetic ceramic matrices and ceramic-collagen matrices (VITOSS)
and Aastrom's proprietary bone marrow-derived cells - Tissue Repair
Cells (TRCs). The Companies anticipate that negotiations and
planning for the expansion of this collaboration into a longer-term
relationship will be finalized during calendar year 2006. The
Companies believe that a broad range of orthopedic indications will
benefit from the combination of VITOSS and TRCs to regenerate
tissue. Orthovita's VITOSS scaffolds are marketed specifically for
the purpose of providing non-load bearing geometric support during
new tissue growth. Aastrom's TRCs, a mixture of stem, stromal and
progenitor cells produced from the patient's own bone marrow, are
being used in Phase I/II clinical trials which are evaluating the
regeneration of new bone and blood vessels in patients. "We are
pleased to enter into this alliance with Orthovita because of their
valuable knowledge and established expertise in the orthopedic
industry," said R. Douglas Armstrong, Ph.D., Chief Executive
Officer and Chairman of Aastrom. "Orthovita is a proven leader in
the development of implantable materials that are compatible with
human cells, and has established strong relationships within the
orthopedic community. We believe that this collaboration will
greatly strengthen the market opportunities for our TRC products."
"Aastrom is a recognized leader in the development of clinic-ready
autologous bone marrow-derived stem cell technology," said Antony
Koblish, President and Chief Executive Officer of Orthovita.
"Partnering with Aastrom is the next logical step for Orthovita
given our extensive work with VITOSS and autologous bone marrow in
the clinic. Autologous TRCs and VITOSS are two clinic-ready
technologies that potentially represent a major step toward the
future for combinations of autologous bone marrow-derived stem cell
and biomaterial driven therapies for orthopedic and spine
treatments." The first phase of this collaboration is already
underway, with Orthovita's VITOSS scaffolds being used for patient
treatment in Aastrom's Phase I/II clinical trial in Barcelona,
Spain for severe non-union fractures. As part of the collaboration
agreement, the Companies are exploring additional clinical
indications that could benefit from the combination of TRCs and
VITOSS. Additional terms of this collaboration were not disclosed.
About Aastrom Biosciences, Inc. Aastrom Biosciences, Inc.
(Nasdaq:ASTM) is developing products for the repair or regeneration
of multiple human tissues, based on its proprietary Tissue Repair
Cell (TRC) adult stem cell technology. Aastrom's TRC products
contain large numbers of stem, stromal and progenitor cells that
are produced from a small amount of bone marrow cells originating
from the patient. The AastromReplicell(R) System, an
industry-unique automated cell product manufacturing platform, was
developed for the production of standardized, patient-specific TRC
products. TRC products have been used safely in humans as a
substitute for bone marrow stem cells, and are currently in
clinical trials for bone grafting (long bone fractures and spine
fusion) and blood vessel regeneration (diabetic limb ischemia)
applications. The Company has recently reported positive interim
clinical trial results for its TRCs demonstrating both the clinical
safety and ability of TRCs to induce healthy new tissue growth
(long bone fractures and jaw bone reconstruction). For more
information, visit Aastrom's website at www.aastrom.com. About
Orthovita, Inc. Orthovita is a biomaterials company with
proprietary technologies for the development and commercialization
of synthetic, biologically active, tissue engineering products for
orthopedic and neurosurgical applications. Our products are used in
the regeneration of bone and soft tissue. Our near-term commercial
business is based on our VITOSS(R) Bone Graft Substitute technology
platforms, which are designed to address the non-structural bone
graft market by offering synthetic alternatives to the use of
autograft or cadaver-derived bone material to meet a broad range of
orthopedic clinical needs in the spine, trauma, joint
reconstruction, revision surgery and extremities markets, and
VITAGEL(TM) Surgical Hemostat, which is an adherent matrix and an
impermeable barrier to blood flow. Our longer-term U.S. clinical
development program is focused on our CORTOSS(R) Synthetic Cortical
Bone technology platform, which is designed for injections in
osteoporotic spines to treat vertebral compression fractures.
Orthovita works jointly with Kensey Nash Corporation and Angiotech
Pharmaceuticals, Inc., to develop and market novel synthetic-based
biomaterial products, and continues to pursue similar relationships
with other companies in biomaterials. For more information, please
visit the Orthovita's website at www.orthovita.com. This document
contains forward-looking statements, including without limitation,
Aastrom and Orthovita statements regarding anticipated progress in
their relationship, product development objectives and market
development plans, which involve certain risks and uncertainties.
The forward-looking statements are also identified through use of
the words "planning," "could," "anticipate," "believe," and other
words of similar meaning. Actual results may differ significantly
from the expectations contained in the forward-looking statements.
Among the factors that may result in differences are the results
obtained from clinical trial activities, regulatory approval
requirements, the availability of resources and the ability of
Aastrom and Orthovita to successfully develop and commercialize the
products contemplated by the new agreement. These and other
significant factors are discussed in greater detail in Aastrom's
and Orthovita's Annual Reports on Form 10-K and other filings with
the Securities and Exchange Commission.
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