Launch of innovation division & first co-development initiative
Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces the launch of InnoVenn, Venn’s new innovation division set up to focus on co-development opportunities, particularly in the medical device arena.
The goal of InnoVenn is to accelerate the commercialisation of life science products in the later stages of development. As stated in the Admission Document, the Directors believe that through co-development initiatives there is the opportunity for Venn to share in future revenue streams associated with IP development and sale or out-licensing. The pursuit of co-development opportunities differentiates Venn’s services from the classic CRO model and utilises the wide capabilities of the Venn Board and management team.
InnoVenn’s first co-development initiative will be a joint venture with two Irish biomedical companies, Cellulac Limited and Biopharmed West Limited, developing the next generation of biodegradable human implants, to replace the widespread use of titanium in orthopaedic surgery.
The three parties will provide a complement of expertise beginning at the traceability and processing of raw materials to finished medical grade PolyLactic Acid, a precursor to biodegradable human implants. The joint venture will also provide services from product design, product development through to regulatory approvals for the next generation of biodegradable human implants. InnoVenn will provide clinical trial management services during the product development stage and will collate the clinical data that is essential for successful regulatory approval as well as retaining a stake in the Joint Venture and the IP owned by it.
Biodegradable implants used in orthopaedic surgery provide temporary support and degrade at a rate matching tissue formation, and thus, eliminate the need for secondary surgeries to remove metal alternatives. The joint venture will use second generation biochemicals to produce new biodegradable implants with less detrimental inflammation than existing biodegradable implants. These biodegradable medical devices will be used for products ranging from internal sutures to orthopaedic bone regeneration implants providing a clean technological solution for the replacing of titanium.
Commenting, Venn CEO, Tony Richardson, said: “This joint venture instantly provides access to medical device technologies that fit well within our strategic vision. It extends our core CRO business into the value added innovation business unit of our clients. It also leverages the skills of the consortium members who will work together to accelerate all stages of the development process through to the finished product, including FDA and EU regulatory approval cycles.”
|Venn Life Sciences Holdings Plc|
|Tony Richardson, Chief Executive Officer||Tel: +353 154 99 341|
|Paul Foulger, Finance Director||Tel: 020 7245 1100|
|Orla McGuinness, Marketing Manager||Tel: +33 (0)1 30 82 67 07|
|Zeus Capital (Nominated Adviser and Broker)|
|Ross Andrews/Andrew Jones(Corporate Finance)||Tel: 0161 831 1512|
|John Goold (Institutional Sales)||Tel: 020 7016 8925|
|Walbrook PR Ltd||Tel: 020 7933 8787 or firstname.lastname@example.org|
|Paul McManus||Mob: 07980 541 893|
|Lianne Cawthorne||Mob: 07584 391 303|
About Venn Life Sciences Limited: www.vennlifesciences.com
Venn Life Sciences is a Clinical Research Organisation (“CRO”) providing a suite of clinical trial management services to pharmaceutical, biotechnology and medical device organisations. With operations in France, Ireland, the Netherlands, Russia, the UK, and a branch office in Switzerland, the Venn Group also includes a Clinical Resourcing business placing experienced clinical teams and individuals on projects throughout Europe. The Company’s near term objective is the expansion of its coverage to other European countries through strategic acquisitions and organic growth, offering clients a full service, multi-centred capability in Phase II-IV trials and across a range of principal disease areas.
About Cellulac Limited:
Galway based Cellulac converts lignocellulosic materials, such as wheat straw, spent brewery grains from beer production, dried distilled grains from ethanol production into high value, bio-chemicals, like Lactic Acid, PolyLactic Acid, Ethyl Lactate and Sodium Lactate.
Cellulac’s portfolio of 31 patents provides an end-to-end second and third generation solution for biochemical and biomedical production processes delivering low carbon, energy efficient, production costs for biodegradable polylactic acid.
Biopharmed West Limited:
Biopharmed West focuses on medical device contract design and production under an Original Design Manufacturing business model. Having established significant core competencies in antimicrobial coating of substrates the focus is now on developing of new biodegradable polymers for the biomedical and medical device markets.