Regenerative Medicine Startup Peytant Solutions “Graduates” From University Enterprise Laboratories Receives $100k Biobusiness Grant And Pursues Additional Funding
Published: Sep 29, 2017
MINNEAPOLIS--(BUSINESS WIRE)--Nonprofit University Enterprise Laboratories (UEL) owns Minnesota’s largest, multi-company, state-of-the-art laboratory facility. UEL is governed by a board and leadership team dedicated to supporting early-stage life science and complementary technology ventures in an ecosystem that enables innovation, growth and commercial success. Former tenant, Peytant Solutions, Inc., recently grew beyond the walls of UEL and is driving 2018 commercialization goals.
Peytant Solutions, Inc., headed by CEO John Schorgl, is committed to improving quality of life for patients worldwide by utilizing regenerative biomaterials to provide transformational solutions for luminal diseases. The first product in the platform is the AMStent™ System. Intended for treatment of malignant airway strictures, the AMStent System covers stent technology with human amnion tissue. Unlike synthetic coverings, which elicit an immune reaction, amniotic tissue is a natural material that provides a scaffold to support attachment of native epithelial cells. Amniotic tissue has an extensive clinical history, is well-tolerated, and exhibits minimal immunogenicity. AMStent will provide end-of-life palliative relief for patients who need it most.
A new “home” with a clean room, and securing grant monies to conduct sterilization and biocompatibility validation testing, brings Peytant Solutions two big steps closer to 510k application submission. “It was tough to leave the close-knit ‘garage’ environment at UEL,” said Schorgl. “UEL provided a supportive launching pad, and we’ll always be grateful for the experience and opportunity they afforded us.” The sentiment flows both ways, “While we love to see our tenants outgrow our UEL innovation community, well-positioned for the next phase, it’s a little bittersweet to see Peytant go. We wish them great success,” said Lynne Osterman, UEL Executive Director.
Driving commercialization of a predicate device with novel technology in the $13.3B global stent market requires funding. Peytant Solutions is currently raising $4M to support FDA clearance. The company is off to a great start after being awarded a 2017 Biobusiness Grant from Regenerative Medicine Minnesota.
About University Enterprise Laboratories
UEL is Minnesota’s largest nonprofit, multi-company, state-of-the-art laboratory facility supporting early-stage life science and complementary technology ventures in an ecosystem that enables innovation, growth and commercial success. Founded in 2004, the 125,000 square foot facility is now home to more than 35 companies. UEL offers emerging companies significant benefits, inclusive of numerous tailored services and programming, within an environment that supports and understands the needs of startup companies and allows them to avoid high-tech capital costs. http://uelmn.org
University Enterprise Laboratories
Lynne Osterman, 763-245-3902
UEL Executive Director