Molecular Matrix, Inc. Forms Strategic Alliance with Philosys Healthcare

USA - English

• USA - English

WEST SACRAMENTO, Calif., Sept. 12, 2019 /PRNewswire-PRWeb/ -- On August 7, 2019, Molecular Matrix, Inc. (MMI) announced the signing of a Memorandum of Understanding (MOU) with Philosys Healthcare Co., Ltd., a biomedical distribution and manufacturing company based in Seongnam, South Korea.

MMI is a biotechnology company that began as a startup at UC Davis, and after more than 10 years of research and development has created a scaffold for bone tissue regeneration. The scaffold is composed of synthetically hyper-crosslinked carbohydrate polymer (HCCP) chains that are non-immunogenic, biocompatible, biodegradable, and highly versatile for tissue engineering. HCCP technology serves as the platform for MMI's bone regeneration product, Osteo-P™ Bone Graft Substitute (BGS).

More than 1 million bone grafts are performed worldwide each year, and the demand for more effective bone graft replacements is increasing. Various types of bone graft substitutes such as collagen, demineralized bone matrix, xenograft, artificial bone, and growth factor products are available, but none of these products are more effective than the gold-standard, autologous bone graft. While autograft produces superior results at the site of injury, the bone harvesting process has serious drawbacks for patients including increased costs, an additional surgical procedure, chronic pain after surgery, infection, and defects at the harvest site. Thus, there is an increasing demand for safe and effective alternatives.

Osteo-P™ BGS, the first clinical product developed using HCCP technology, is the only carbohydrate polymer-based bone graft substitute currently on the market. It is resorbed by the body once bone regeneration is complete. The material is easy to use in surgery due to its compressibility, inherent memory, tensile properties, and capability to be sutured to surrounding tissue. It's also radiolucent, allowing for real-time monitoring of bone tissue regeneration during the follow up phases of the fusion treatment. Orthopedic surgeons across the United States are showing interest in the product's unique array of characteristics.

Osteo-P™ BGS received 510k clearance from the US FDA in December 2017 as a bone graft substitute/bone void filler. MMI launched Osteo-P™ BGS in the United States earlier this year. Since the commercial launch, Osteo-P™ BGS has been producing favorable clinical outcomes for patients that are comparable to the gold standard, autograft treatment. When implanted into a bone void, osteoblasts, extracellular matrix proteins, and blood vessels migrate into the interconnected pores of the scaffold. These elements are critical for the regeneration of the patients' own healthy bone.

Charles C. Lee, UC Davis professor and the founder and CEO of MMI, expressed, "I am very excited about the prospect of delivering our technology to the hands of surgeons who are dedicated to help patients with various orthopedic conditions in Asia through the strategic alliance with Philosys Healthcare." Philosys Healthcare is striving to enter the Orthopedic Asian market by establishing a close alliance with MMI. As a result of this cooperation and recent MOU, Philosys also plans to pursue an equity investment in MMI. "I am looking forward to building a robust, efficient, and cost-effective distribution network throughout Asia in alliance with Philosys," says Jim Keefer, COO of MMI.

Choi In-Hwan, CEO of Philosys Healthcare, reports that in conjunction with MMI, "Osteo-P™ BGS is expected to open up the dental and veterinary markets as well as the orthopedic sector. In addition, MMI products are anticipated to fit into the core business areas of Philosys."

Together, MMI and Philosys Healthcare strive to make Osteo-P™ BGS and other value-driven, effective healthcare solutions accessible throughout Asia.

Molecular Matrix, Inc. (http://www.molecularmatrix.com) has assembled a strong management team and Board of Directors (BOD) and believes that the quality and experience of the group is a critical factor to the success of the Company. Molecular Matrix's hyper-crosslinked carbohydrate polymer (HCCP, Osteo-P™ BGS) technology provides a broad platform for bone tissue engineering. Its flag ship products have been shown to be effective in numerous bone regeneration applications. Molecular Matrix, Inc. continues to develop superior bone regeneration products for orthopedics, spine, trauma, and dental applications.

SOURCE Molecular Matrix, Inc.