ORTHO REGENERATIVE TECHNOLOGIES REPORTS ITS FIRST QUARTER 2023 RESULTS
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Jun 24, 2022 08:30AM
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Canada NewsWire
MONTREAL, June 24, 2022
MONTREAL, June 24, 2022 /CNW Telbec/ - Ortho Regenerative Technologies Inc. (ORTH: CSE) (ORTIF: OTCQB) ("Ortho" or the "Company"), a clinical stage orthobiologics company focused on the development of novel soft tissue repair regenerative technologies, today reported its financial results and highlights for the first quarter of the 2023 fiscal year ended on April 30, 2022.
"Ortho delivered important milestones during the first quarter of 2023. We signed a material transfer agreement with a global company, closed an over-subscribed private placement and secured key patents that will protect our core IP for many years to come. More importantly, we made significant progress in advancing our U.S. Phase I/II rotator cuff tear clinical trial", said Philippe Deschamps, President, and CEO. "With 7 clinical centers now screening and recruiting patients, enrolment of first patients is imminent and will accelerate in the coming weeks. We expect one additional center to start screening patients shortly and the remaining two over the coming months, at which point we will have our 10 sites actively screening and recruiting patients, thus providing a steady flow of patients for enrollment in our study".
Commenting on the first quarter 2023 results, Luc Mainville, Ortho's Senior Vice-President, and Chief Financial Officer, said; "the closing of the $3.2 million oversubscribed private placement has allowed us to accelerate our phase I/II U.S. clinical trial related activities during the first quarter of 2023. All our efforts and resources are now focused on enrolling patients as quickly as possible now that screening and recruiting is officially underway".
Ortho's financial statements and Management's Discussion and Analysis for the three-month period ended April 30, 2022, are available on SEDAR at www.sedar.com.
Ortho is a clinical stage orthobiologics company dedicated to the development of novel therapeutic soft tissue repair technologies to dramatically improve the success rate of orthopedic and sports medicine surgeries. Our proprietary RESTORE technology platform is a proprietary muco-adhesive Chitosan-based biopolymer matrix, specifically designed to deliver biologics such as Platelet-Rich Plasma (PRP) or Bone Marrow Aspirate Concentrate (BMAC), to augment and guide the regeneration of new tissue in various musculoskeletal conditions. ORTHO-R, our lead Chitosan-PRP hybrid drug/biologic implant combination product, is formulated and designed to increase the healing rates of occupational and sports related injuries to tendons, meniscus and ligaments. Other formulations are being developed for tendinopathies, bone void filling and osteoarthritis treatment. The proprietary Chitosan-PRP combination ORTHO-R implant can be directly applied into the site of injury by a surgeon during a routine operative procedure without significantly extending the time of the surgery and without further intervention. Considering the significant potential of our technology platform, Ortho continues to assess new therapeutic target uses outside of the soft tissue repair field. Further information about Ortho is available on the Company's website at www.orthorti.com and on SEDAR at www.sedar.com. Also follow us on LinkedIn and Twitter.
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Ortho Regenerative Technologies Inc.
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Contact:
Company: Philippe Deschamps, President and Chief Executive Officer, 614-596-2597, [email protected] or Luc Mainville, Senior Vice-President and Chief Financial Officer, 514-693-8854, [email protected]; Investors: Frederic Dumais, Director Communications and Investor Relations, (514) 782-8803, [email protected]