Nashville, Tenn., Dec. 17, 2007 - The H3GM attorneys advised BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) in the sale of its orofacial therapeutic business, including its bone and tissue regeneration treatment, GEM 21S, and related intellectual property to Luitpold Pharmaceutics, Inc., a division of Daiichi Sankyo Co. Ltd of Japan. Under the agreement Luitpold has agreed to pay BioMimetic approximately $45 Million in cash, in addition to royalty payments based on sales of existing and future products in the dental and orofacial therapeutic fields.
The sale allows BioMimetic to refocus its business on the development and commercialization of its orthopedic and sports medicine products, GEM OS1 and GEM OS2. During a conference call on December 18, Sam Lynch, president and CEO of BioMimetic, told investors that "the deal demonstrates the company’s ability to bring a product from early stages of clinical development through regulatory approval to commercialization."
H3GM has been a business partner of BioMimetic Therapeutics since the company's inception, including serving as co-legal counsel though the company's public offering in February 2007. The transaction is expected to close on January 4, 2008.
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