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New Life Scientific, Inc (OTC BB: NWLS) today announced that it has entered into a strategic alliance with Biorigen Srl, (Genoa, Italy), a Biotech Company with certain intellectual properties and Centro Biotecnologie Avanzate (Genoa, Italy) to pursue development of a series of research projects, the first one being the project of "Bone Repair by Tissue Engineering" that is using novel biotechnology. Under the agreement, NWLS and Biorigen are to establish a joint venture, which obtains global rights with Biorigen Srl retaining rights for the European Union and countries of the Mediterranean Basin and Middle East.
The new technology is intended to treat large bone defects, due to either pathologies or trauma and can also be used for modeling of bone in repair of bone defects. The final goal of the project is the commercialization of a new bone grafting/modeling technology.
The parties will collaborate in the development of the product, with Biorigen Srl being responsible for the pre-clinical development and jointly with NWLS, clinical development, and NWLS being responsible for registration and marketing of the product in the assigned market territories.
The development of this innovative and novel proprietary technology is applicable to long bone grafting and other bone reconstruction, such as in neurosurgery, maxillo-facial and dental surgery. The technology involves a novel method of presentation of pluripotent mesenchymal stem cells derived from either bone marrow aspirate or small biopsies of periosteum and expanded in culture. This technology extends viability and activity of mesenchymal stem cells and will result in a more efficient and reproducible bone healing.
"This is just the first step in a broad application of this technology in this growing and increasingly important field of modern medicine. We believe this will generate additional revenues for our company," states Henry Val, NWLS's Chief Executive Officer. "Our scientific partners Biorigen and Centro Biotecnologie Avanzate have outstanding records as leaders in research of tissue bio-engineering and regenerative medicine."
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Sounds great, but all of the bio tech sector has been hurting the last few weeks. Money has been pulled out of bio tech and health care and put in to oil related stocks. Worth watching though.
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