Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Piramal Healthcare Gets European Approval For Regenerative Medicine

4/11/2012 4:40 AM ET

Piramal Healthcare Ltd. announced that it had received the European regulatory approval to sell BST-CarGel, a product that helps repair tissue damage caused by osteoarthritis or sports injuries.

This approval enables the company to start selling BST-CarGel in all European Union countries. Furthermore, it will serve as the basis to obtain commercial authorization for the product in other geographic areas of the world such as Middle East, the Asia Pacific region, South America and other countries including India.

The company plans to launch the product in the October-December quarter

In 2010, Piramal Healthcare acquired Montreal, Canada-based medical device company BioSynech Technologies, Inc. for C$3.9 million, which gave it access to the Canadian company's portfolio of biotherapeutic thermogels, including BST-CarGel.

BST-CarGel, a EU class III medical device, is a novel natural polysaccharide based liquid scaffold which, combined with the patient's whole blood, is then implanted into a debrided cartilage lesion prepared with bone marrow access. As demonstrated in a controlled clinical trial, this procedure results in a superior cartilage repair volume and quality compared to the standard o care treatment with the goal of offering a more durable longer term treatment.

Piramal Healthcare Chairman Ajay Piramal said, "BST-CarGel provides us with a superior way to address significant unmet medical needs in the global knee cartilage repair market. The current European approval provides access to a $200 million market in Europe with the potential for a larger market with greater penetration of treatment in Europe. As we obtain commercial approval in other geographic areas, this will give us access to additional markets."

At the BSE, Piramal Healthcare shares are currently trading at Rs.460.75, up 0.69 percent from the previous close.

Register
To receive FREE breaking news email alerts for Piramal Healthcare Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points. European Central Bank President Mario Draghi said on Thursday that any worsening of the euro area inflation outlook may prompt the bank to adopt a broad-based asset buying scheme. "Unlike the other contingencies, the objective here would not be to defend the current stance, but rather to increase meaningfully the degree of monetary accommodation," Draghi said in a speech in Amsterdam.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.