EDISON, N.J., Oct. 16, 2014 /PRNewswire/ -- The Musculoskeletal Transplant Foundation (MTF), the nation’s leading tissue bank, is pleased to announce the creation of Bone Biologics, Corp., and its continuing support of the company’s development of a revolutionary bone growth factor that will bring significant regenerative medicine alternatives to patients undergoing spinal fusion.
MTF has been an investor in Bone Biologics for the past 8 years. Bone Biologics, Corp., is being created by the reverse merger of MTF’s majority-owned subsidiary, Bone Biologics, Inc. and AFH Acquisition X, a publicly traded special purpose vehicle. With this merger, MTF will remain the largest shareholder of Bone Biologics, Corp. Bruce Stroever, the president and CEO of MTF will serve as Chairman of the Bone Biologics, Corp. Board and Michael Schuler, MTF’s Vice President of New Business Development, will serve as its Chief Executive officer. Both positions are unpaid as part of a management services agreement between MTF and Bone Biologics.
Nell-1, the bone growth factor developed by Bone Biologics, Inc. in partnership with the University of California Los Angeles (UCLA), is intended to be a more effective, lower cost alternative to other bone growth factors in use today. In animal studies, Nell-1 showed none of the side effects associated with other bone growth factors including ectopic bone growth, extraneous bone growth or cyst formation. The next phase will combine Nell-1 with MTF’s leading demineralized tissue form, DBX® and seek regulatory approval for its use.
Bruce Stroever stated, “The technology developed by UCLA and Bone Biologics, Inc. has the potential to make a significant difference in patient’s lives, dramatically speeding spinal fusion, while controlling healthcare costs. By combining Nell-1 with MTF’s DBX tissue forms, we believe we will be able to offer patients safer, higher quality and natural solutions. Although MTF was able to provide the funding necessary to bring Nell-1 to this point, we now need to find additional financing in order to fund clinical trials.” It is anticipated that clinical trials with Nell-1 will begin in mid-2016.
William Jay Treat, PhD., Bone Biologics President and CTO noted, “With additional funding we see a clear path to clinical trials, starting with completing scale-up processes, leading to cGMP manufacturing of the Nell-1 protein for initiation of pre-clinical toxicology studies followed eventually by clinical studies.”
About MTF: The Musculoskeletal Transplant Foundation, a non-profit organization based in Edison, NJ, is a national consortium comprised of leading organ procurement organizations, tissue recovery organizations and academic medical institutions. Since its inception in 1987, MTF has received tissue from more than 100,000 donors and distributed more than 5 million grafts for transplantation. For more information, visit www.mtf.org
About Bone Biologics: Bone Biologics, was founded by University of California professors in collaboration with an Osaka University professor and a USC Surgeon in 2004. Its shareholders now include its founders and the Musculoskeletal Transplant Foundation, the nation’s leading tissue bank. Bone Biologics is currently focused on bone regeneration in spinal fusion using its recombinant human protein, known as Nell-1. Nell-1 is an osteoinductive orthobiologic: a recombinant protein that provides control over bone regeneration. This patent protected technology has been exclusively licensed to Bone Biologics from UCLA.
About AFH Acquisition X, Inc.: AFH Acquisition X, Inc. is a publicly reporting entity. The company is based in Beverly Hills, California.
For information: Michael Schuler
732/661-2224
SOURCE The Musculoskeletal Transplant Foundation
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