Tissue Therapies (ASX:TIS), a biomedical technology company developing treatments for wound healing, has announced that it has secured ownership of all intellectual property around its VitroGro ECM therapeutic application.
Tissue Therapies Interim CEO, Mr Nigel Johnson, said, “I am delighted to announce that Tissue Therapies now has full ownership of its entire IP portfolio. We are aware of the importance of this agreement to shareholders and potential partners, and sought to agree this changed arrangement with QUT to strengthen our current position.”
He continued, “Securing ownership of the IP around our lead application, VitroGro ECM, will provide the market with more certainty around the Company’s assets and commercial potential.
"I would like to thank QUT for its ongoing professionalism and guidance, and look forward to continuing our mutually beneficial long-term relationship.”
In June, Tissue Therapies announced that the European Medicines Agency’s Scientific Advice Working Party had accepted a revised plan for the development of VitroGro ECM, confirming a viable pathway for taking the product to market in Europe as a medical device.
The company said the changed arrangement with QUT forms part of a comprehensive operational review led by Interim Chairman, Dr Cherrell Hirst, and Mr Johnson that is progressing and nearing completion.
VitroGro ECM has been developed for use in the management of chronic wounds, in particular chronic venous leg ulcers, that do not follow the normal processes of wound repair and that have been present for more than four weeks despite standard care.
The product is administered topically to the wound bed and acts as a replacement ECM, allowing repair cells to attach, migrate, and proliferate, leading to tissue regeneration and, ultimately, wound closure.