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Genzyme Tissue Repair

This article was originally published in The Gray Sheet

Executive Summary

Maker of Carticell autologous cultured chondrocytes for treatment of articular cartilage damage would gain up to $66 mil. for continued R&D under a long-term financing plan established by parent company Genzyme Corp. The plan includes an increase from $12 mil. to $50 mil. in GTR's equity line of credit from Genzyme General, another division of Genzyme Corp., as well as the sale of GTR's Framingham, Massachusetts manufacturing facility to Genzyme General for $16 mil. GTR will lease back a portion of the facility for its Neurocell product development program for Parkinson's and Huntington's diseases, while Carticell production will continue at its headquarters facility in Cambridge. Genzyme notes GTR is currently seeking a strategic partner for development of its TGF-Beta2 program for treatment of chronic skin ulcers, which is in Phase II trials...
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