News: LaunchPad Medical Executes Definitive License Agreement with Stryker for Novel Bone Adhesive Technology
BOSTON, June 1, 2015 /PRNewswire/ -- LaunchPad Medical, LLC announced today that it has entered into a definitive agreement to license Stryker Corporation's (NYSE: SYK) bone adhesive technology, which is based on a unique synthetic biomaterial. Under the terms of the agreement, LaunchPad has received an exclusive worldwide license from Stryker for this technology which is covered by four issued and three pending U.S. patents and includes data from multiple pre-clinical animal studies. LaunchPad will seek to commercialize this technology for use in repairing damaged teeth and bones. No financial terms of the transaction were disclosed.
The properties of this biomaterial, known as Tetranite™, include the ability to provide immediate fixation of bone to bone and bone to metal. This adhesive has been shown in multiple animal studies to be a non-toxic and effective way of repairing bone fractures and defects as well as securing implant devices. Existing data has also shown that Tetranite™ is reabsorbed and replaced with new bone during the natural process of bone remodeling by acting as a scaffold to facilitate bone growth over time. "I am truly excited about the opportunity we have to commercialize what will undoubtedly be a game-changing product in the field of bone health," said Brian Hess, Chief Executive Officer of LaunchPad Medical. LaunchPad will initially target the dental market where Tetranite™ will address complications associated with the placement of dental implants, which has become the standard of care for treating tooth loss. The loss of teeth leads to bone loss, which makes dental implant placement either more difficult or impossible without complex bone grafting techniques, which could be simplified through the use of Tetranite™. LaunchPad will also seek to commercialize this technology for use in other orthopedic applications as well.
About LaunchPad Medical, LLC
LaunchPad Medical, LLC (LaunchPad) is an early stage medical device company engaged in the development of a biomaterial known as Tetranite™ which can repair broken or damaged bones, including teeth, and also stabilize implant devices. LaunchPad has entered into an exclusive license agreement with Stryker Corporation where LaunchPad's CEO, Brian Hess, was formerly an employee and co-inventor of this novel biomaterial.