Irish start-up seeks funding after EU approves bone regeneration product HydroxyColl for market
07 January 2016
A bone regeneration product developed at the Royal College of Surgeons in Ireland (RCSI) has received the CE mark, certifying it for sale throughout the EU and clearing the way for a multimillion-euro fundraising drive by the Irish business bringing it to market.
Surgacoll Technologies, a High Potential Start-Up (HPSU), intends to raise venture capital in two rounds over the next three to four years. By 2019 they aim to be generating annual sales of more than €50 million in the European and US markets, employing 15 people in Ireland by the end of 2016 and 25 by 2019.
SurgaColl is bringing to market two highly innovative biomaterial products, based on technology developed by the Tissue Engineering Research Group at RCSI, that repair tissue via the recruitment of the body’s own cells.
The first, HydroxyColl, stimulates the regeneration of bone tissue and is a substitute for bone grafts taken from donors or the patient themselves. The second, ChondroColl, repairs articular joints by stimulating host stem cells to regenerate both bone and cartilage, using the composition and architecture of the biomaterial to actively direct tissue formation.
HydroxyColl has just received CE approval and ChondrocColl will be submitted for CE mark approval in January 2016.
HydroxyColl brings about bone healing equivalent to a patient’s own bone. It provides much more effective healing in the aftermath of high-impact bone fractures and the removal of bone tumours. It can strengthen the bone foundations of tooth implants and improve bone repair in those with low bone density such as people with osteoporosis.
ChondroColl is highly effective in the treatment of early joint cartilage damage, particularly in the knee. It is a significant advance for sports medicine.
“This is a product with great potential for early intervention in joint injuries, minimising long-term damage and potentially reducing the risk of osteoarthritis and need for knee replacement surgery,” according to Professor John O’Byrne of RCSI and Cappagh National Orthopaedic Hospital.
Dr John Gleeson, CEO, co-founder and director of SurgaColl, believes HydroxyColl and SurgaColl’s pipeline of products has significant potential to improve dramatically on the more traditional orthopaedic grafting procedures and recovery outcomes.
“Most products on the market support bone healing but don’t actively direct it. Products that do drive tissue repair do so with the aid of pharmaceuticals. Our products’ unique selling point is that they are drug-free and as such, free of drug-related safety concerns. We are now entering a very exciting period where we will see first human implantations of the approved HydroxyColl product in a diverse range of trauma indications at a number of sites across the EU,” he said.http://www.engineersjournal.ie/2016/01/07/irish-start-up-seeks-funding-after-eu-approves-bone-regeneration-product-hydroxycoll-for-market/http://www.engineersjournal.ie/wp-content/uploads/2015/12/aaanews1.pnghttp://www.engineersjournal.ie/wp-content/uploads/2015/12/aaanews1-300x252.pngNewsbiomedical,European Union,med tech,startups