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TheraVitae Establishes Subsidiary in North America
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TheraVitae has completed a North American license agreement, which establishes TheraVitae Inc. as an exclusive licensee of North America.
In parallel with the closing of the agreement, TheraVitae Inc. completed a $3,000,000 non-brokered private placement.
The license agreement provides TheraVitae Inc. with an exclusive license to all stem cell therapies and intellectual property (current and future) produced by the Licensor during the term of the agreement.
The Company will start clinical development of the lead product VesCell™ and will continue to develop additional products for cardiovascular and other severe disorders.
TheraVitae Inc. plans to submit regulatory requests to Health Canada and the FDA for a clinical trial of its therapy for congestive heart failure.
Dr. Valentin Fulga, CEO of TheraVitae Group and Chairman and President of TheraVitae Inc. said, "We are now in a position to launch operations in North America and initiate rigorous efforts that will hopefully lead to regulatory approvals of our products in North America."
"We plan to work together with the most experienced physicians and surgeons in North America and to prove the safety and efficacy of our technologies."
"We are ready to engage in intensive activities to bring our therapies to the millions of suffering patients that can potentially be helped with our treatments."
