Investment
Progentix Orthobiology BV of Bilthoven, the Netherlands, has announced that it has closed an investment agreement with NuVasive, a medical device company specialising in products for minimally disruptive surgical treatments of the spine. Under the terms of the agreement NuVasive will gain access to Progentix’s synthetic bone substitutes, which have a novel microstructure to improve healing.
NuVasive’s initial commitment will be $15 million in cash, consisting of a $10 million equity investment and a $5 million loan to fund ongoing clinical and regulatory programmes.
Upon reaching development milestones, NuVasive will buy the remaining equity of Progentix for $45 million, with a further $25 million in sales royalties possible.
Joost de Bruijn, CEO of Progentix, said, “NuVasive’s investment allows Progentix to continue developing its unique family of bone graft materials and allows the near-term commercialisation of these products.”
Progentix’s portfolio consists of a number of calcium phosphate synthetic bone substitutes. These promote bone regrowth in preclinical models but require FDA approval before they can be marketed in the US.
Progentix is a spin-out from Twente University, the Netherlands, and has close ties to Queen Mary University in London, UK, where de Bruijn is a professor of biomaterials. The company was founded in 2007, and obtained first-round funding from BioGeneration Ventures in early 2008.
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