REYKJAVIK, ICELAND and ISAFJORDUR, ICELAND--(Marketwire - July 14, 2010) -
Kerecis, the emerging tissue-regeneration company, and the chemo-sensitivity-testing company ValaMed have signed a research collaboration contract. Under the terms of the agreement, the two Iceland-based companies will collaborate on the research of cell growth in various matrices.
ValaMed is involved in the development of chemo-sensitivity assays of cancerous tissues. The company is developing assessment methodologies that will allow the determination of the best possible drugs to treat cancerous cells on an individualized basis. ValaMed collaborates with a number of leading oncologists, surgeons and other scientists worldwide on its development-stage chemo-sensitivity tests.
Kerecis is involved in the research, development and production of tissue-regeneration products that can be used in reconstructive, soft- and hard-tissue surgical procedures. For regulatory purposes, the company's technology is classified as a medical device. The patent-pending Kerecis technology is currently in the development stage. Kerecis completed its start-up financing round in December 2009 and expects to close up to USD 4.8 million in round A financing in the first quarter of 2011. The money will facilitate the completion of clinical trials of the company's patent-pending, marine-derived, tissue-regeneration product, which has applications across multiple medical-device sectors including wound care and abdominal wall reconstruction.
Dr. Gudmundur Gudmundsson (PhD Molecular Biology), VP Science & Technology, Kerecis Limited:
"The Kerecis science program focuses on the development of fish-protein-derived matrices that attract cells and enable them to proliferate in a sustainable manner. ValaMed possesses skills and technology that can help us evaluate the efficacy of the materials we are developing."
Dr. Finnbogi Rutur Thormodsson (PhD Neurobiology), Chief Science Officer, ValaMed Limited:
"Through the collaboration with Kerecis we will be able to enhance our understanding of cell proliferation in different tissues as well as to improve our assessment technology for cell response."
Kerecis (http://www.kerecis.com) is a development and manufacturing business producing a novel, patent-pending tissue-regeneration material derived from fish skin to accelerate the healing of wounds and tissue reconstruction. Kerecis' material addresses the large unmet need of the double-digit growth biologics segment of the chronic-wounds and hernia-repair markets. The material offers advantages over existing human- and porcine-derived products, including improved manufacturing economics and lower risk of disease transfer. Since it is derived from fish, the material is both kosher and halal compatible, eliminating cultural and religious constraints on usage, with equivalent or better clinical performance.
ValaMed was established in 2007 to develop assessment methodologies that will allow the determination of the best available drugs to treat cancerous cells on an individualized basis. Based in Iceland, ValaMed collaborates with a number of oncologists, surgeons and other scientists on the research on chemo-sensitivity assessments. The company's chemo-sensitivity assays are still in the development stage.