SCT signs joint-venture agreement with Reneu, Nexgen
Canada-based stem cell-related technologies developer Stem Cell Therapeutics (SCT) has signed a joint-venture agreement with ReNeu and NexGen Medical Systems.
As part of the agreement, SCT and NexGen will license their respective technologies to ReNeu under world-wide, royalty-free licenses for the use of NexGen's FDA-cleared EViTAR line of proprietary intracranial delivery systems and SCT's NTx-265, -428 and -488 covering the proprietary use of drugs for the regeneration of endogenous neural stem cells.
EViTAR intracranial delivery system is the only FDA-cleared Class II medical device indicated for the injection of material into the brain during intracranial procedures.
The device is designed for site-specific, low-volume, high-concentration delivery of drugs to target tissues in the brain of patients suffering from stroke, neurodegenerative disease, and tumors.
SCT's NTx-265 is a therapeutic regimen of approved and clinically well-defined drugs that include human Chorionic Gonadotropin ("hCG") and erythropoietin ("EPO") for the regeneration of neural stem cells in patients following stroke, traumatic brain injury and other neurological conditions.
SCT executive chairman David Allan said ReNeu's innovation comes with the combination of firm's proprietary discoveries administered in a direct-to-brain process, that holds the promise of delivering the regenerative results.
"NexGen's EViTAR family would appear to be an ideal vehicle for the clinical expansion of the SCT products and we are enthusiastic about its prospects," Allan added.
As part of the agreement SCT will own 50% of the joint-venture for which the definitive agreement is anticipated within 60 days, subject to final due-diligence and usual conditions being met.