CellFactors enters administration
following its failure to raise additional funds to further develop
its product Skeletex, a biological matrix derived from human cells
that induces new vascularised bone growth.
CellFactors, which has raised a total of £7.0 million (€10.5 million) since it was founded in 1997, has generated a range of valuable assets including a pivotal US and European IP position covering the production and immortalisation of human neural cell lines.
The patent also covers cells and cell lines produced by this method, including cells engineered to contain a genetic safety switch.
The company's main product, Skeletex, has the potential to increase the strength of weak or damaged bones, or to create new bone where required. CellFactors is developing Skeletex for use in conjunction with orthopaedic and dental devices. The technology is currently in a well-defined pre-clinical programme designed to produce data to conclude licensing deals to commercialise the product.
This technology platform has the potential for generating a pipeline of tissue-promoting products for the treatment of damaged cartilage, skin or even organs.
A spokesman told DrugResearcher.com: "The financing environment for biotech companies is extremely tough right now and CellFactors suffered because of that, despite having some interest in financing."
He added that the Skeletex preclinical programme had stopped but presumably would be restarted by whoever bought the assets.
"Skeletex has passed several crucial preclinical milestones and is in a well-defined preclinical programme in order to complete that part of its development. Whoever buys it will have a clear path to continuing the programme, either to license out at that stage or develop in house depending on the acquirer's position."
The spokesman noted he had registered several enquires of interest for the assets from organisations in the UK and abroad
