Stem Cell Company TheraVitae Inc. Establishes Subsidiary in North America

12-Jul-2006

TheraVitae, an international biotechnology company, the producer of VesCell(TM) a cellular therapy for heart disease and developer of additional adult stem cell technologies for incurable disorders completed a North American license agreement with TheraVitae Inc., which establishes TheraVitae Inc. as an exclusive licensee of North America. In parallel with the closing of the agreement, TheraVitae Inc. completed a $3,000,000 non-brokered private placement.

The license agreement provides TheraVitae Inc. with an exclusive license to all stem cell therapies and intellectual property (current and future) produced by the Licensor during the term of the agreement. The Company will start clinical development of the lead product VesCell(TM) and will continue to develop additional products for cardiovascular and other severe disorders. Established in Toronto, Canada TheraVitae Inc. plans to submit regulatory requests to Health Canada and the FDA for a clinical trial of its therapy for congestive heart failure.

TheraVitae is focused on using the patient's own (autologous) adult stem cells to treat a variety of disorders, especially cardiovascular diseases. Nominated by the World Economic Forum as a Technology Pioneer for 2006, the company has conducted a clinical trial in Bangkok, Thailand that led to the approval of its first therapy, VesCell(TM) as a treatment for "no option" heart patients. Over 130 patients suffering from very severe angina pectoris or heart failure have been successfully treated with VesCell(TM) by either administration of the cells through the heart arteries, or by direct injection into the heart muscle.

In April 2006, the company announced the enrolment of its first patient in a clinical trial to study the safety and efficacy of the administration of autologous adult stem cells to patients suffering from severe Peripheral Artery Disease (PAD), a deficiency of blood supply to the lower limbs.

Dr. Valentin Fulga, CEO of TheraVitae Group and Chairman and President of TheraVitae Inc. said: "We are now in a position to launch operations in North America and initiate rigorous efforts that will hopefully lead to regulatory approvals of our products in North America. We plan to work together with the most experienced physicians and surgeons in North America and to prove the safety and efficacy of our technologies We are ready to engage in intensive activities to bring our therapies to the millions of suffering patients that can potentially be helped with our treatments."

https://www.bionity.com/en/news/56233/stem-cell-company-theravitae-inc-establishes-subsidiary-in-north-america.html