Orteq is based in London, U.K., and is the creator of Actifit, a biocompatible synthetic meniscal scaffold for use during arthroscopic treatment of irreparable partial meniscal tears. Actifit is expected to receive FDA approval to begin clinical trials in the U.S. in 2011 and has already received the CE Mark of approval.
The FDA approval will trigger an additional $1 million investment by Kensey Nash in Orteq on a cumulative basis, which includes the exclusive worldwide manufacturing rights and represents approximately 10 percent ownership in Orteq.
Under the agreement, Kensey Nash will receive a transfer price and royalties.
Read the Kensey Nash news release on the agreement.
Read other coverage on orthopedic and spine device companies:
– 5 Recent Orthopedic and Spine Device Patent Infringement Cases
– Exatech Pays $3M in Anti-Kickback Settlement
– Synthes and Norian Corp. to Pay $23.3M in Fines for Illegally Testing Spinal Bone Cement
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