Heraeus Medical signed an agreement with Locate Therapeutics to license the intellectual property surrounding the use of TAOS in orthopaedic applications and the inception of the first development program in this field.
The agreement gives Heraeus Medical GmbH the rights to the future co-developed orthopaedic products as well as the processes involved in manufacturing the final product. Locate Therapeutics has the full capabilities to carry out such development work. The agreement takes the form of a standard upfront and milestone payment structure.
Locate is a specialist regenerative medicine and device company which has been incubated by University of Nottingham. With grant funding and financial assistance from Wellcome Trust and the Technology Strategy Board (now Innovate UK) the company has developed TAOS a patented platform polymer technology with multiple medical applications. The TAOS (Targeted, Orchestrated Signaling) technology is a world first in tissue repair. It enables the precision focus of therapeutic signals and provides an optimal structure to support tissue repair. Uniquely, TAOS can accommodate and promote the actions of receptor-binding moieties, locally-applied drugs, and emergent biological and cell-based therapies.
Commenting for Locate, Robin Quirk, Director said, “we are delighted to be able to commence our first partnered development program with Heraeus Medical, a company that really understands the needs and opportunities that exist in the regenerative medicine space, as well as having the direct market access to be able to bring these solutions effectively to the patient.”
Heraeus achieved a revenue from the sale of products of €3.6B , while the revenue from precious metal trading was €13.5 B. Heraeus is in a leading position on its global sales markets.