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
Fortune has once again named Google Inc. (GOOG, GOOGL) as the best company to work for, with Twitter Inc. (TWTR) also joining the annual list for the first time. This is for the sixth time and for the fourth consecutive time that Google has ranked No.1 in the Fortune's annual list of "100 Best Companies... Dunkin' Donuts has agreed to remove a whitening agent called titanium dioxide, commonly a source of nanomaterials, from all powdered sugar used in its donuts. The move follows pressure from advocacy group As You Sow, which put a shareholder proposal asking Dunkin' to reduce the risks of using nanomaterials in its food products. Warren Buffett's Berkshire Hathaway is reportedly planning its first ever European bond sale of 3 billion euros to take advantage of low interest rates in the region, traversing a path taken by a range of home companies in search of cheap funding options. The move comes as the European Central Bank's bond-buying stimulus program of 60 billion euros a month is imminent.
comments powered by Disqus
Follow RTT