Business
Innovation division launch & co-development
Innovation division launch & co-development.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 9384E Venn Life Sciences Holdings PLC 17 May 2013 \n \n\n\nVenn Life Sciences Holdings Plc \n(\"Venn\" or the \"Company\")\n \nLaunch of innovation division & first co-development initiative\n \nVenn 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.\n \nThe 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.\n \nInnoVenn'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. \n \nThe 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.\n \nBiodegradable 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 i...