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news.Ortec International has announced that all the requirements necessary to complete its merger with Hapto Biotech and allow for the release of the proceeds of its recently completed $6.1 million financing from escrow have been completed.
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Ortec is a tissue-engineering company involved in the commercialization of a proprietary and patented technology to stimulate the repair and regeneration of human tissue. Hapto Biotech, meanwhile, is a privately held company focused on the development of two proprietary fibrin-derived platform technologies: Fibrin Micro Beads (FMBs) and Haptides.
Under the terms of the merger agreement, Hapto shareholders will receive 30,860,000 of Ortec’s common shares and an additional three million warrants to purchase Ortec’s common shares at $0.30. These common shares and warrants will be subject to a selling restriction for twelve months.
“This merger and our recent financing are significant milestones for Ortec. Completing this merger with Hapto provides Ortec with two advanced biomaterial technologies, which together with our lead product, OrCel, provide Ortec with the potential to have multiple products addressing multibillion-dollar markets in chronic wounds, acellular cosmetic tissue augmentation, tissue regeneration, and stem cell therapy,” said Ron Lipstein, vice chairman and CEO of Ortec.