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LONDON (Alliance News) - Tissue Regenix Group PLC said Tuesday that it has inked a joint venture deal with GTM-V gGmbH to form GMB-V gGmbH, a tissue bank in Rostock, Germany.
Under the joint venture agreement GTM-V will be responsible for sourcing donated tissue, and Tissue Regenix will make an initial investment of EUR250,000 under the agreement to fund development and distribution.
GMB-V will produce and distribute the company's decellurised tissue treatments in accordance with German regulations. Additionally, GMB-V is preparing regulatory submissions for the products, and Tissue Regenix expects to launch its treatment under the joint venture agreement initially in Germany in 2017, with European wide distribution to follow.
"The establishment of this joint venture agreement will ultimately allow European clinicians and patients access to two clinically proven treatments. Germany is particularly stringent with its human tissue regulations, which provides a high benchmark from which wider EU approvals can follow," said Chief Executive Officer Antony Odell in a statement.
"We feel that this agreement reiterates the strength of our technology base and offers us a unique commercial opportunity. GBM-V is an important partner for the future of Tissue Regenix and we greatly look forward to working with the team," Odell added.
Shares in Tissue Regenix were up 4.9% at 16.00 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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