PetVivo Holdings, Inc. (OTCQB: PETV) an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices for pets, or pet therapeutics announced today that Gel-Del Technologies, Inc., the licensing and planned merger partner of PetVivo, has received a notice of allowance for issuance of their seventh US Patent. PetVivo and Gel-Del recently announced the signing of a binding term sheet to effect a merger and security exchange agreement between the companies. Gel-Del’s intellectual property assets include proprietary coverage for medical devices/therapeutics and the coacervated/compressed biomimetic matrix materials used to make these products, including composition of material, manufacturing processes and methods of use, for both animals and humans.
This newly allowed US patent application number 12/700,896 entitled “Protein Matrix Materials, Devices and Methods of Making and Using Thereof” secures the products and processes related to compressed matrix medical and drug delivery devices including applications involving tissue grafts, catheters, tissue replacement devices and wound care treatments. This allowed patent application is part of a worldwide intellectual property portfolio that secures Gel-Del’s wide range of biomimetic materials and their applications.
“We are very pleased with our recent success at the US Patent and Trademark Office wherein this government entity has recognized the uniqueness and broad inventiveness of our compressed and coacervated collagen matrix medical implant technologies,” noted Gel-Del’s CEO Dr. David B. Masters.
“We continue to see the therapeutics benefits provided by Gel-Del’s products in a broad range of implantable devices administered to a wide range of pets in addition to people. These successful therapies help demonstrate the value of Gel-Del’s intellectual property portfolio.” PetVivo CEO John Lai added, “In the near future, we look forward to launching our initial product Kush™ Canine, which has been demonstrated to improve joint function in dogs suffering from osteoarthritis. We truly believe these products will improve the quality of life of both pets and people.”
About Kush Canine & Kush Equine Osteoarthritis & Lameness Treatments:
To treat lameness the Kush protein matrix particles are injected into the joint’s synovial fluid to protect the joint by providing a cushion where the joint’s natural cushioning cartilage is missing. A simple explanation is that the Kush device provides soft, resilient, particles to the joint to replenish the slippery cushioning characteristics of the missing or damaged cartilage. These particles are simply providing the joint the mechanical characteristics needed to absorb the forces of a normal joint for proper articulation. The Kush device is administered by a licensed veterinarian.
About Gel-Del Technologies, Inc:
Gel-Del Technologies (www.gel-del.com) is a biomaterial and medical device manufacturing company based in St. Paul, Minnesota. The company has recently announced the signing of a binding term sheet to effect a merger and security exchange agreement with PetVivo Holdings, Inc. (OTCQB: PETV). Gel-Del previously had completed a licensing agreement with PetVivo Holdings to commercialize its veterinary medical devices for the treatment of osteoarthritis. The company has also successfully completed a pivotal clinical trial using their novel thermoplastic biomaterial as a dermal filler for human cosmetic applications (clinicaltrials.gov NCT00414544).
Gel-Del’s core competencies are developing and manufacturing medical devices containing its proprietary thermoplastic and regenerative biomaterials composed of purified proteins and carbohydrates that self-assemble via coacervation, or are compressed into, a cell supporting matrix. These scaffolds mimic the body's tissue to allow cellular integration, neovascularization, tissue repair, and regeneration for long-term implantation. These biomaterials are produced using a patented and scalable self-assembly production process that is FDA validated for human clinical trial production. The inherent thermoplastic properties of these biomaterials are then utilized to manufacture or coat implantable devices.
About PetVivo, Inc:
PetVivo, Inc. is a wholly owned subsidiary of PetVivo Holdings, Inc. (OTCQB: PETV) based in Minneapolis, Minnesota. PetVivo is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices and other therapeutics for pets.
PetVivo believes that it can leverage the investments in the human biomaterials and medical device industries to commercialize therapeutics to pets in a capital and time efficient way. PetVivo's strategy is to in-license proprietary products from human medical device companies specifically for use in pets. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently regulated pharmaceuticals.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the forward-looking statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
Chief Executive Officer
PetVivo Holdings, Inc.
SOURCE: PetVivo Holdings, Inc.