Is this news part of the BIOX problem with price drop Tuesday?
Monday February 23, 6:25 pm Eastern Time
Company Press Release
SOURCE: Integra LifeSciences Corporation
Johnson & Johnson Professional, Inc. and Integra LifeSciences Form
Strategic Alliance for Regenerative Cartilage
PLAINSBORO, N.J., Feb. 23 /PRNewswire/ -- Integra LifeSciences
Corporation (Nasdaq: IART - news) and Johnson & Johnson Professional,
Inc. (JJPI), the orthopaedic subsidiary of Johnson & Johnson (NYSE: JNJ
- news), today announced the signing of a strategic alliance to develop
and market a new product to regenerate joint cartilage. Integra will
develop an absorbable, collagen-based implant designed in combination
with a proprietary RGD-peptide manufactured at its wholly-owned
subsidiary Telios Pharmaceuticals. This implant will repair and
regenerate articular cartilage, which is commonly found in the knee and
other joints. JJPI will market the product worldwide.
Stuart M. Essig, Integra's President and CEO, said, ''We are delighted
to enter into this agreement with JJPI. Our aggressive research and
development of the RGD-peptide technology makes us confident that we can
develop the first enhanced acellular cartilage repair product capable of
regenerating a damaged or diseased site with a single arthroscopic
surgery.''
Under the terms of the agreement, JJPI will make payments up to $13
million to Integra as milestones are met, and will also fund all
necessary development costs beyond the pre-clinical phase. Following
successful development, Integra will be responsible for manufacturing
the product and any future product development. JJPI is developing the
arthroscopic instrumentation to be used in the surgeries.
More than 500,000 surgical procedures are performed annually for the
treatment of traumatized articular cartilage. Damaged articular
cartilage, which connects the skeletal joints, is associated with the
onset of progressive pain, degeneration and, ultimately, long-term
osteoarthritis. Conventional procedures for treating traumatic cartilage
damage, such as debridement and drilling, do not stop joint surface
degeneration, and often require two or more surgeries. The new device is
being developed to regenerate in vivo the patient's own true articular
cartilage, which provides a smooth, weight-bearing surface, versus
conventional approaches that have presented the formation of fibrous
scar tissue, which is rough and can easily break down.
''This product's sales potential, combined with the commitment from
J&J's worldwide marketing and sales force, makes this an extraordinary
event for Integra LifeSciences, and is a strong validation of the
potential significance of Telios' RGD-peptides,'' said Mr. Essig.
Integra LifeSciences acquired San Diego-based Telios in August 1995.
Michael D. Pierschbacher, Ph.D., Senior Vice President of Research and
Development and General Manager of Telios, said ''This device is being
designed to help overcome the body's inherent deficiencies in
regenerating articular cartilage by promoting the adhesion and function
of cells in a manner that will have much wider clinical use. We believe
that the combination of our Collagen matrix technology with Telios'
RGD-based peptide technology gives us a unique approach to accelerated
cartilage repair. One of the real features that attracted JJPI to
Integra's product is its acellular technique, which means it does not
require cultured cells. We expect these features to prove substantially
more cost-effective than current options.''
Johnson & Johnson Professional, a member of the Johnson & Johnson family
of companies, manufactures and markets innovative medical devices for
both orthopaedic surgeons and neurosurgeons. The company is based in
Raynham, Massachusetts.
Integra LifeSciences Corporation develops, manufactures and markets
medical devices, implants and biomaterials primarily used in the
treatment of burns and skin disease, spinal and cranial disorders,
orthopaedics and other surgical applications. The Company's stock is
traded on the Nasdaq National Market under the symbol IART. |
