Glycosan develops, manufactures, and markets proprietary biocompatible hydrogels that mimic the extracellular matrix (ECM) that holds cells together in tissues and organs and performs many other important functions.
Glycosan’s products are designed as implantable, resorbable matrices for tissue engineering, regenerative medicine, and for research applications involving the laboratory culture of human cells.
BioTime expects to utilize the technology in some future stem cell-based therapeutic products and to continue the marketing of the products for research use only.
As a result of the merger, OrthoCyte will subsequently own all of Glycosan’s assets, including manufacturing equipment, inventory, and technology licenses, and will assume Glycosan’s obligations, which at 31 January 2011 totaled approximately $218,000.
BioTime president and CEO Michael West said their subsidiary OrthoCyte plans to utilize stem cell technologies in the development of the therapeutic products OTX-CP03 and OTX-CP07, targeted for use in the treatment of osteoarthritis.
Glycosan BioSystems president and CEO William Tew said researchers have already used their hydrogel products in animal models studying osteoarthritis, a disease that affects over 20 million people in the US and they look forward to continue contributing to these studies and more as part of the BioTime family of companies.
The acquisition is expected to close by 18 March 2011.