PsiMedica enters revenue sharing agreement

Perth nanotechnology company PsiVida announced that its British subsidiary PsiMedica has entered into a revenue sharing agreement with Texas Christian University (TCU) over an invention with applications in orthopaedics and tissue engineering.

Under terms of the agreement, PsiMedica will own all rights to the jointly filed patent, with TCU receiving 10 per cent of the gross receipts resulting from exploitation of the patents.

The deal revolves around a joint invention by PsiMedica's Prof Leigh Canham and TCU's Prof Jeffrey Coffer related to self-assembling BioSilicon and polymer composite scaffolds. PsiMedica has rights of first refusal over new inventions from Coffer's research using BioSilicon.

"This new invention is a world first in the area of Nano-Biotechnology involving both top down nano-structuring and bottom up self-assembly. The BioSilicon and polymer self-assemble under the right conditions to form a scaffold structure," said PsiVida managing director Gavin Rezos.

According to PsiVida's director of commercialisation and research, Dr Roger Aston, the use of BioSilicon in the composite scaffold increases mechanical strength, improved bone compatibility, bioactivity and bone tuning, while the polymer provides flexibility and the basis for self-assembly. Compared to the polymer alone, the composite scaffold is bioactive in simulated body fluids.

Potential applications for the technology include the development of bone replacement material for use in conditions including osteoporosis.

"This creates an orthopaedics core that can be licensed out," said Rezos. The company plans to continue development of the scaffold technology before licensing it out to a medical devices company specialising in bone replacement materials or orthopaedics.