BioStem Technologies, a MedTech company focused on placental-derived biologics, has signed a Letter of Intent (LOI) to acquire commercial-stage products and technologies from ProgenaCare Global.
ProgenaCare is a medical device company specialising in advanced wound care solutions using biomaterials.
BioStem Technologies will acquire ProgenaMatrix and revyve Antimicrobial Wound Gel.
This acquisition will expand the MedTech firm’s wound care portfolio and boost its commercial capabilities.
BioStem Technologies CEO Jason Matuszewski said: “The addition of ProgenaCare’s 510(k) cleared products will enhance our position in the hospital-based segments of the market, while ProgenaCare’s proprietary technology platforms and product pipeline offer significant opportunities for us to help drive future growth.
“With revyve, we could address wounds early in the treatment continuum, greatly broadening the patient population BioStem supports and offering multiple opportunities for channel expansion.”
ProgenaMatrix is the first commercially available human keratin matrix for wound care.
Made from degradation-resistant human keratin protein, it is a non-cellular, hydrated biomaterial that helps support the body’s natural healing processes.
It is US Food and Drug Administration (FDA) 510(k) cleared for a range of indications, including venous stasis ulcers, diabetic foot ulcers, pressure ulcers, partial-thickness burns, surgical wounds, and donor sites and grafts.
Revyve is a hydrogel that combines Kane Biotech’s patented coactiv+ technology with PHMB, resulting in a thermo-reversible gel that is easy to apply.
This product creates a moist environment that promotes wound healing while providing broad-spectrum antimicrobial activity.
Revyve is effective for a variety of wound types, including diabetic foot ulcers, leg ulcers, pressure ulcers, first and second-degree burns, partial and full-thickness wounds, large surface area wounds, and surgical incisions.
ProgenaCare CEO Howard Wathall said: “We believe that joining the BioStem family will significantly enhance the value of ProgenaCare’s products and provide a strong platform for expansion in the growing active and advanced healing segments.
“This partnership not only promises improved growth prospects and enhanced product development capabilities but also operational efficiencies that will benefit both organisations.”
BioStem Technologies expects to finalise definitive agreements within 60 days after completing due diligence.
The transaction is subject to regulatory approvals and Board consent.
Both companies will collaborate to integrate ProgenaCare’s products into BioStem’s portfolio.
