Friday, November 6, 2015

News: Nextremity Solutions, Inc. Signs Exclusive Agreement with Biotech Company Molecular Matrix, Inc.

WARSAW, Ind., Oct. 30, 2015 (GLOBE NEWSWIRE) -- Nextremity Solutions, Inc., a pure-play foot and ankle company located in Warsaw, IN, recently signed an exclusive agreement with California-based biotechnology company, Molecular Matrix, Inc. (MMI) The agreement will give Nextremity Solutions worldwide exclusive rights for use of Molecular Matrix's GroCell-3D™ technology, as well as any new musculoskeletal technologies developed by Molecular Matrix for use below the knee.

GroCell-3D™ is an innovative technology for growing mammalian cells and tissues on a three dimensional scaffold. The GroCell-3D™ scaffold has been shown to support the growth of bone, cartilage, heart, nerves, liver, and stem cells among others.

GroCell-3D™ is a 3-dimensional cell scaffold that is safe, highly porous (97% porosity), biocompatible, and biodegradable. Cells cultivated using the GroCell-3D™ scaffold have shown exceptional compatibility and growth. The primary focus in the utilization of the scaffolds unique properties (biocompatible, biodegradable, and osteogenic) is to develop a superior and more cost-effective bone-void filler.

Molecular Matrix founder and inventor of the GroCell-3D™ technology, Charles Lee, Ph.D. said, "As an inventor, I am intrigued to see how this technology is able to be used in real-world situations. Through this partnership, we are able to combine Molecular Matrix's expertise in biotechnology with Nextremity's expertise and worldwide surgeon relationships in the foot and ankle market to develop innovative treatment options that will help patients."

"When I first heard about this technology I knew Nextremity Solutions needed to find a way to work with Molecular Matrix. When you really think about all of the ways this technology could be used in the treatment of foot and ankle degenerative diseases and deformities, you realize that this industry is about to change. We are privileged to partner with the amazing and innovative team at Molecular Matrix," commented Nick Deeter, CEO and Chairman of Nextremity Solutions, Inc.

Deeter went on to say, "We are so excited about what MMI can do in the musculoskeletal area throughout the human body, that Nextremity has invested in MMI and our CFO, Frank Patton, will be joining their Board of Directors."

Nextremity Solutions is expected to launch this technology as part of its product portfolio in 2016.

About Nextremity Solutions, Inc.
Nextremity Solutions, Inc. is a privately held medical device company offering innovative solutions and approaches to foot and ankle surgical intervention. The Company's procedure-ready, sterile implant systems for the correction of foot and ankle pathologies include uniquely precise, proprietary technology designed to achieve repeatable and superior clinical outcomes.

Dave Temple
Director of Marketing & Corporate Communications

Published at Nasdaq GlobeNewswire

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