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Cartilage growth company VTSI raises $22 million:

This article was originally published in Clinica

Executive Summary

VTSI, a company developing autologous chondrocyte cell growth cartilage replacement, has raised a total of E23.7 million ($21.8 million) from a syndicate of European investors led by Mercury Private Equity. Mercury has put in E13.5 million - other investors include Deutsche Bank's DB Industrial Holdings and Candover Investments. The company, which was founded in Denmark in 1987, plans to commercialise its procedure in the next two years before issuing an IPO in 2003. Leverkusen, Germany-based VTSI claims that the chondrocyte treatment reduces hospital time from around 35 days to under 13 days.

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