CDN$550,000 Advance on Biotech Firm’s Path to Becoming Publicly Traded Company
SCOTTSDALE, AZ–(Marketwired – October 16, 2015) – Lattice Biologics Inc. is pleased to announce that Blackstone Ventures Inc. (TSX VENTURE: BLV), a company listed on the TSX Venture Exchange, has received funding of CDN$1.37 million in connection with its proposed acquisition of Lattice. The transaction with Blackstone was previously announced in Lattice’s August 13, 2015 news release. In connection with the transaction, Blackstone advanced CDN$550,000 of the Proceeds to Lattice as a unsecured working capital loan. Lattice proposes to use the proceeds from the loan to pay outstanding accounts payable, purchase and service inventory, and fund general working capital requirements.
Closing of the transaction with Blackstone is subject to a number of conditions, including the approval of the TSX Venture Exchange. There can be no assurance that the transaction with Blackstone will be completed as proposed or at all.
“The entire Lattice team joins me in expressing our wholehearted enthusiasm for the latest update on our near-term merger with Blackstone Ventures,” said Guy Cook, Chief Executive Officer, Lattice Biologics Inc. “This funding infusion is the direct result of nearly two years of focused clinical research and product development, thoughtful partnerships with the world’s most respected surgeons, carefully cultivated alliances with financial experts, and scientific and business tours across the globe.
“The development will provide vital support and resources necessary to help fulfill our dream of bringing the company’s life-changing products and technology to as many people as possible.
“Witnessing the contributions of the medical, technical, and financial team members who have made this achievement possible, I am thoroughly humbled by their commitment to and collaboration in our most meaningful goals. Together, this organization is well positioned to increase success for the most challenging surgical interventions and make sustainable wellness a reality.”
About Lattice Biologics:
Lattice is an emerging personalized/precision medicine leader in the field of cellular therapies and tissue engineering, with a focus on bone, skin, and cartilage regeneration. Lattice develops and manufactures biologic products to domestic and international markets. Lattice’s products are used in a variety of applications, including:
• Enhancing fusion in spine surgery
• Enhancing breast reconstruction post mastectomy for breast cancer patients
• Sports medicine indications, including ACL repair
• Promotion of bone regeneration in foot and ankle surgery
• Promotion of skull healing following neurosurgery
• Enhancing wound repair in burn victims
• Subchondral bone defect repair in knee and other joint surgeries
Lattice is partnered in developing new precision medicine technologies to address widespread unmet clinical needs in cancer treatment. These technologies will provide an invaluable diagnostic service by utilizing patients’ own breast cancer or solid tumor cells, amplifying them within a human Extracellular Cellular Matrix (ECM) and utilizing proprietary viability markers to test the efficacy of anti-cancer agents. Lattice’s principal goal is to develop diagnostic treatments capable of assisting physicians in identifying the most effective treatment plans for individuals on a completely personalized basis.
Lattice maintains headquarters, laboratory and manufacturing facilities in Scottsdale, Arizona as well as offices in Toronto Ontario. The facility includes ISO Class 1000 and ISO Class 100 clean rooms, and specialized equipment capable of crafting traditional allografts and precision specialty allografts for various clinical applications. The Lattice team includes highly trained tissue bank specialists, surgical technicians, certified sterile processing and distribution technicians, and CNC operators who maintain the highest standards of aseptic technique throughout each step of the manufacturing process. From donor acceptance to the final packaging and distribution of finished allografts, Lattice is committed to maintaining the highest standards of allograft quality, innovation, and customer satisfaction.
Lattice maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.