Ortho Regenerative Technologies, Inc. (Ortho RTi), a Kirkland, Québec, Canada-based biotechnology company, raised $740k in funding.
Manitex Capital (MNX:Venture) has acquired a 44% equity interest in the company. The transaction included a $500k equity investment and a $240k credit facility. Furthermore, the Canadian private investment firm will provide assistance and documentation to help Ortho RTi obtain regulatory certification and commercial production scaleup.
In conjunction with the investment, Ortho RTi has entered into an agreement with Gestion Univalor, L.P. and Polytechnique Montréal to acquire a platform technology for the repair and regeneration of damaged joints including the knee and shoulder. This platform uses formulations specially designed to transform from a freeze-dried polymer into therapeutic microparticles, either upon contact with surgically prepared lesions or when combined with blood fractions enriched for cells that stimulate wound healing.
This core technology is the foundation upon which Ortho will develop a portfolio of products that help regenerate joint tissues.
Steve Saviuk, CEO of Manitex, will serve as interim President of Ortho RTi.