OFIX - Orthofix inks licensing deal with CGBio for bone graft product Novosis

• Orthofix Medical ( NASDAQ: OFIX ) is collaborating with CGBio to develop and commercialize Novosis bone growth materials and other future tissue regenerative solutions for the U.S. and Canadian markets.
• Under the license and distribution agreement, Orthofix will conduct clinical studies, get regulatory approvals, and commercialize the Novosis' rhBMP-2 technology in the U.S. and Canada.
• CGBio, a unit of South Korean company Daewoong Pharmaceuticals, will receive an upfront fee and potential development milestone payments upon achievement of regulatory milestones, the companies said in an Aug. 2 press release.
• The companies noted that Novosis is a novel composite bone graft material consisting of a synthetic carrier and recombinant human bone morphogenetic protein-2 (rhBMP-2).
• "Pending successful U.S. clinical trials and subsequent approvals, this surgeon-driven biologic solution will provide a moldable, flowable, bioactive rhBMP-2 bone graft material in the U.S. and fits well within our comprehensive portfolio of allografts with viable cells, demineralized fiber allografts, DBMs, synthetic scaffolds, and spinal constructs," said Orthofix President and CEO Jon Serbousek.

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