KIRKLAND, QC, Aug. 11, 2015
/CNW Telbec/ - Manitex Capital Inc. ("Manitex") has completed
an investment to acquire a 44% equity investment in Ortho
Regenerative Technologies Inc. ("Ortho RTi"), a privately held
Canadian biotechnology company. Manitex's investment is comprised
of a $500,000 equity investment, a
$240,000 credit facility.
Furthermore, Manitex will provide assistance and documentation to
help Ortho RTi obtain regulatory
certification and commercial production scaleup.
Simultaneous with the above investment, Ortho RTi has entered into an Agreement with
Gestion Univalor, L.P. and Polytechnique Montréal to acquire a
platform technology for the repair and regeneration of damaged
joints including the knee and shoulder. This novel platform uses
formulations specially designed to transform from a freeze-dried
polymer into therapeutic microparticles, either upon contact with
surgically prepared lesions or when combined with blood fractions
enriched for cells that stimulate wound healing. This core
technology is the foundation upon which Ortho will develop a
portfolio of products that help regenerate joint tissues.
"This platform is built on solid scientific research by experts
in joint and tissue repair" commented Steve
Saviuk, CEO of Manitex who will serve as interim President
of Ortho RTi. " The first
application will be on the repair of torn meniscus in the knee.
Ortho RTi has generated encouraging
data from a recently completed pilot animal model showing the
ability to stimulate meniscus healing in joints treated with their
technology. Additional clinical targets include the repair of
articular cartilage and of the rotator cuff."
Currently, only a small percentage of surgical procedures to
repair tears to the meniscus, rotator cuff and articular cartilage
result in satisfactory regeneration. Ortho's continuing development
will focus on this large percentage of tears that require
biological stimulation to heal properly. Ortho's products are
provided in a stable lyophilised format that is easily added to
current treatment protocols already in place in orthopaedic
surgery.
Under the terms of the Agreement, Univalor has agreed to
transfer several patent applications and their related know-how to
Ortho RTi who in turn has awarded a
three year contract to Polytechnique Montréal to carry out a
research and development program to further advance the related
technologies.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements
regarding the Corporation'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 Corporation 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.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity
interests in emerging or established companies and actively
participates in increasing shareholder value in these businesses.
Manitex currently has 12,561,276 common shares outstanding which
are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this
release.
SOURCE Manitex Capital Inc.