SILVER SPRING, Md.--(BUSINESS WIRE)--Aziyo Biologics, Inc. a fully integrated regenerative medicine company, today announced it has completed an asset purchase agreement with CorMatrix® Cardiovascular, Inc. for the purchase of all CorMatrix commercial assets and related intellectual property.
With the acquisition, Aziyo will:
- Add 5 commercially marketed products
- Double topline revenue
- Add 50 employees, including a direct sales organization of 37 professionals
- Welcome 2 highly experienced executives to its leadership team
- Add a xenogeneic platform which is highly complementary to the Company’s existing differentiated human tissue platform
“Since Aziyo Biologics was created late 2015, we have focused on creating a new breed of regenerative medicine company,” said Lode Debrabandere, Ph.D., President and Chief Executive Officer of Aziyo. “Our goal has always been to take leading edge research and science and make it commercially viable. By combining our existing manufacturing, commercial and research capabilities with the CorMatrix people and products, we have made a huge step towards that goal, literally overnight.”
The CorMatrix platform includes natural tissue products derived from porcine extracellular matrix for cardiac and vascular repair, as well as CanGaroo®, a biomaterial pouch that secures cardiovascular implantable devices such as pacemakers and defibrillators. CorMatrix products have received FDA 510(k) clearance and European CE mark. They have been used at more than 1,000 hospitals in the U.S. and around the world and been successfully implanted in over 155,000 cardiac and vascular procedures.
Andrew Green, former Chief Executive Officer of CorMatrix, commented, “I enjoyed being a part of CorMatrix and am excited to be joining the Aziyo team. From the very beginning, we recognized similar cultures and dedication to advancing regenerative medicine between our organizations. For example, CanGaroo is currently being evaluated in a prospective study of 1,000 patients, which we expect will demonstrate improved outcomes of CanGaroo, particularly the reduction of pocket infections. Aziyo saw this opportunity and immediately began asking how to take this product to the next clinical and commercial level.” Mr. Green will join the Aziyo leadership team as the Company’s Chief Business Officer and Patrick Ferguson will be Vice President of Sales.
Aziyo plans to expand the CanGaroo platform into new indications, invest in additional clinical studies to demonstrate the benefits of this biologic implantable device and grow its sales force. In addition, Aziyo’s differentiated vascular human tissue products combined with CorMatrix’s vascular repair products will enhance the efficiency of the sales force.
Rich Ferrari, Executive Chairman of CorMatrix, also commented. “This agreement will allow CorMatrix to focus on its leading earlier stage development programs for the prevention and treatment of congestive heart failure, heart valve replacement and certain vascular grafts. CorMatrix was originally formed to pursue these treatments and is now positioned to create significant value from these milestones in the near future.”
CanGaroo® is a 510(k) FDA cleared medical device envelope that differs from competitive synthetic devices because it is natural tissue derived from porcine extracellular matrix. The biologic material leads to a healthy regenerative response permitting remodeling into neo-vascularized tissue, unlike synthetic materials that can trigger inflammation and scar formation.
About Aziyo Biologics, Inc.
Aziyo Biologics, Inc. was formed by HighCape Partners, Deerfield Management Co. and KeraLink International with the mission of restoring health and mobility to the greatest number of patients. Aziyo’s vision is to impact healthcare through innovation of new solutions realizing the commercial potential of regenerative medicine. KeraLink is one of the world’s leading eye banks with a mission to reverse corneal blindness through transplantation.
About HighCape Partners
HighCape Partners is a growth equity fund that invests in commercial-stage life sciences companies. The firm applies decades of investment and operational experience to transform its portfolio companies into sustainable businesses with multiple exit alternatives. Please visit www.highcape.com.
CorMatrix® Cardiovascular, Inc. was founded in 2001 as a privately held medical device company dedicated to developing and delivering innovative biomaterial devices that harness the body’s own innate ability to repair damaged cardiovascular tissues.