Updated at 11:36 a.m., Wednesday, December 27, 2006
Tissue Genesis licenses technology to Florida company
By SEAN HAO
Advertiser Staff Writer
It's the company's first sales and distribution agreement.
Under terms of the deal, Bioheart Inc., of Sunrise, Fla., has exclusive rights to use Tissue Genesis technology in the treatment of heart damage. In exchange, Tissue Genesis gets equity and royalty payments from Bioheart.
For Hawai'i, biotech, companies such as Tissue Genesis represent hope for diversifying the economy. Formed in 2001, Tissue Genesis is developing tissue replacement products for chronic wounds and vascular disease. The company's main product creates an environment for cell and tissue growth, allowing for better control of experiments.
Anton Krucky, president and chief executive for Tissue Genesis, said the agreement is a major milestone.
"Our agreement empowers Bioheart to take their proposed solutions for heart damage to a new level, and we are looking forward to working closely with their team as we continue to make strides to find innovative cardiovascular treatment applications," he said.
Located in the former Gold Bond building on Ala Moana, Tissue Genesis employs 25 people.
The company's work is partially financed by federal grants as well as investments fostered by technology industry tax incentives such as Act 215. The private company currently is selling about $7.2 million in stock.
Reach Sean Hao at firstname.lastname@example.org or 525-8093.