Ortho Regenerative Technologies Reports its Fourth Quarter and 2020 Year-End Results
Ortho Regenerative Technologies Reports its Fourth Quarter and 2020 Year-End Results |
[29-May-2020] |
MONTREAL, May 29, 2020 /CNW/ - Ortho Regenerative Technologies Inc. (CSE: ORTH) ("Ortho RTI" or the "Company"), an emerging orthobiologics company, today reported its financial results and highlights for the fourth quarter and fiscal year ended January 31, 2020. "Our 2020 fiscal year was marked by significant progress in advancing all aspects of our Ortho-R lead program towards the clinical phase. We successfully completed our pivotal preclinical study in Rotator Cuff Tear repair which confirmed Ortho-R's safety profile and statistical significance over standard-of-care. We have refined the regulatory pathway to explore advantageous solutions to advance our program into clinical trial stages and are actively pursuing numerous business development discussions and opportunities with various partners", said Claude LeDuc, President and CEO of Ortho RTI. "We look to the 2021 fiscal year with confidence and believe to be well positioned to continue delivering on the expected clinical and corporate milestones". Commenting on the fourth quarter and 2020 year-end results, Luc Mainville, Ortho RTI's Senior Vice-President and Chief Financial Officer, said: "The significant contribution from insiders and new shareholders has allowed the company to continue progressing during the year. This support is a clear endorsement of the inherent potential of our development programs and other fast-developing corporate initiatives". 2020 Ortho-R Program Highlights
2020 Financial and Other Corporate Highlights
Subsequent Events
Financial Statements and MD&A Ortho RTI's financial statements and Management's Discussion and Analysis for the three-month and fiscal year ended January 31, 2020 are available on SEDAR at www.sedar.com. About Ortho Regenerative Technologies Inc. Ortho RTI is an emerging orthobiologics company dedicated to the development of novel therapeutic soft tissue repair technologies to dramatically improve the success rate of orthopedic and sports medicine surgeries. Our proprietary RESTORE technology platform, is a muco-adhesive CHITOSAN based biopolymer matrix, specifically designed to deliver biologics such as Platelet-Rich Plasma (PRP) or Bone Marrow Aspirate Concentrate (BMAC), to augment and guide the regeneration of new tissue in various musculoskeletal conditions. Ortho-R, our lead Chitosan-PRP hybrid biologic implant product, is formulated and designed to increase the healing rates of occupational and sports related injuries to tendons, meniscus, and ligaments. Other formulations are being developed for cartilage repair, bone void filling and osteoarthritis treatment. The Chitosan-PRP combination ORTHO-R implant can be directly applied into the site of injury by a surgeon during a routine operative procedure without significantly extending the time of the surgery and without further intervention. An Ortho-R Rotator Cuff Tear Repair US clinical trial is being prepared and coordinated. Parallelly, a Pre- Request for Designation has been submitted to the FDA in March 2020, to explore the feasibility to obtain a Device designation regulatory path versus a Biologics designation regulatory path. We are expecting a response in June 2020 and an IDE or IND FDA submission planned during summer 2020. Considering the significant potential of our technology platform, Ortho RTI continues to assess new therapeutic target uses outside of the soft tissue repair field. Further information about Ortho RTI is available on the Company's website at www.orthorti.com and on SEDAR at www.sedar.com. Also follow us on LinkedIn and Twitter. Forward-Looking Statements This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE Ortho Regenerative Technologies Inc. | ||
Company Codes: CNSX:ORTH |
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