logo
Share SHARE
FONT-SIZE Plus   Neg

Piramal Healthcare Gets European Approval For Regenerative Medicine

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

0 Articles
Editors Pick
Shares of Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) were gaining around 4 percent in the trading in South Korea after the company reported significant growth in its first-quarter profit with higher sales mainly in memory and display businesses. For the full year, the company expects overall earnings to grow from last year. Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported that its net profit for the first-quarter of 2017 rose 46% to 7.68 trillion South Korean won or $6.8 billion from 5.25 trillion won for the same period a year earlier. The company said that it would not adopt a holding company structure. Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480...
comments powered by Disqus
Follow RTT