Orteq, headquartered in London, UK, created Actifit, a biocompatible synthetic meniscal scaffold offering sports medicine surgeons a new arthroscopic option for the treatment of irreparable partial meniscal tears.
Orteq expects to receive FDA approval to start its Actifit clinical trial in the US in 2011.
Under the terms of the manufacturing agreement, Kensey Nash will receive a transfer price and royalties and the other terms of the agreement were not disclosed.
Kensey Nash president and CEO Joseph Kaufmann said that they believe Orteq’s Actifit meniscus repair product can provide a safe and effective repair that will address over a $1bn target market potential in sports medicine and they look forward to a successful and long term relationship.
Orteq CEO Dianne Blanco said that they are delighted that Kensey Nash has made an investment in Orteq and the Kensey Nash team brings expertise to manufacture and develop safe, effective and innovative medical devices for their customers and sports medicine surgeons.
