BioCentury
ARTICLE | Top Story

3-way merger

February 15, 2000 8:00 AM UTC

Three regenerative medicine plays -- Creative BioMolecules (CBMI), Ontogeny ( Cambridge, Mass.) and Reprogenesis ( Cambridge, Mass.) -- will merge to form Curis. Shareholders of CBMI, Ontogeny and Reprogenesis will own 43, 38 and 19 percent, respectively, of the merged company. Based on CBMI's close at $7.031 on Monday, Curis would have a $600 million market cap.

Curis' most advanced product will be CBMI's Osteogenic Protein-1 (OP-1) bone graft device to treat long bone unions, for which partner Stryker (Kalamazoo, Mich.) submitted a PMA last year. Reprogenesis' Chondrogel is in Phase III testing to treat vesicoureteral reflux, a pediatric urological disorder. Ontogeny, which had $40 million in cash at yearend, is in preclinical testing with compounds that modulate cell signaling pathways in the areas of regenerative medicine, neurology and oncology. The combined company would have had $70 million in cash at yearend. ...