LONDON (Alliance News) - Collagen Solutions PLC said Monday it has acquired the assets and an exclusive worldwide licence for the associated property to ChondroMimetic from Orthomimetics Ltd and Cambridge Enterprise Ltd.
ChondroMimetic is a collagen based implant for small cartilage and underlying bone defects. Collagen Solutions will fund the acquisition through the issue of 869,900 shares, worth about GBP108,738, with half to be paid on completion and the remainder to be issued over the next two years. Additionally a single-digit royalty is payable on future sales of the product to the two vendors, the company said without specifying.
"ChondroMimetic is an ideal first medical device acquisition as it brings us both an established product as well as access to a portfolio of additional IP we can exploit in the future," said Chief Executive Officer Stewart White in a statement.
Shares in the company were up 3.1% at 12.50 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.