SCOTTSDALE, AZ--(Marketwired - January 05, 2016) -
Lattice Biologics Ltd. ("Lattice Biologics" or the "Company")
(TSX VENTURE: LBL), an emerging leader in regenerative medicine, appointed a new board and announced the conversion of US$500,000, of debt owed by its U.S. operating subsidiary into equity of Lattice Biologics in connection with the Company's recent merger on December 23rd, 2015. The debt conversion puts the Company in a position to reduce leverage, improve cash flow, and accelerate the expansion of its patent pending stem cell technology.
The debt converted into equity is held by the Company's current board member, Cathy Thomas. "This debt conversion represents a strong vote of confidence in the Company's future prospects and product development," said Guy Cook, Lattice Biologics' Chief Executive Officer. "Lattice Biologics is experiencing strong demand for its current product portfolio. With more resources being made available, we hope to meet this demand, increase revenues throughout 2016 and drive shareholder value over the next 18 months."
The full Board line-up includes:
- Guy Cook, CEO
- Cheryl Farmer, CFO
- Cathy Thomas
- Donald McInnes
- Mario Stifano
Lattice Biologics board members' shared their excitement at being a part of the Company's mission:
Cathy Thomas: "When the opportunity to become involved with Lattice Biologics presented itself, several reasons compelled me to participate. Lattice Biologics offers a visionary approach to patient care that is rooted in personalized medicine. Their technology can be delivered with precious speed and is tailored specifically to each patient's unique conditions in order to generate the most precise solutions for each situation.
The Company is
focused on improving the medical space by developing next generation allografts to enhance surgical outcomes for patients suffering from a wide variety of indications. But, perhaps most significant in my decision to invest and join the Board of Directors, was my personal belief in this team. The executive leadership has proven their ability to bring products to the market successfully and grow from start-up to multi-million-dollar status, making them a solid choice to support in bringing these solutions to the public."
Don McInnes: "Congratulations to the Lattice Biologics team for successfully transitioning to become a public company. I look forward to working with and
supporting Guy Cook as CEO and the Lattice Biologics' team as the Company begins this new chapter in its history."
Lattice Biologics Ltd.
Guy Cook,
Chief Executive Officer
Telephone No: 480-563-0800
About Lattice Biologics Ltd.:
Lattice Biologics recently completed its RTO, becoming a publically traded company on January 4, 2016 and is traded on the TSX-V under the symbol: LBL. The Company is an emerging personalized/precision medicine leader in the field of cellular therapies and tissue engineering, with a focus on bone, skin, and cartilage regeneration.
Lattice Biologics develops and manufactures biologic products to domestic and international markets. Lattice's products are used in a variety of applications, including:
- Enhancing fusion in spine surgery
- Enhancing breast reconstruction post mastectomy for breast cancer patients
- Sports medicine indications, including ACL repair
- Promotion of bone regeneration in foot and ankle surgery
- Promotion of skull healing following neurosurgery
- Enhancing wound repair in burn victims
- Subchondral bone defect repair in knee and other joint surgeries
Lattice Biologics maintains headquarters, laboratory and manufacturing facilities in Scottsdale, Arizona as well as offices in Toronto Ontario. The facility includes ISO Class 1000 and ISO Class 100 clean rooms, and specialized equipment capable of crafting traditional allografts and precision specialty allografts for various clinical applications. The Lattice Biologics team includes highly trained tissue bank specialists, surgical technicians, certified sterile processing and distribution technicians, and CNC operators who maintain the highest standards of aseptic technique throughout each step of the manufacturing process. From donor acceptance to the final packaging and distribution of finished allografts, Lattice is committed to maintaining the highest standards of allograft quality, innovation, and customer satisfaction.
Lattice Biologics maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward looking. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "continuing", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lattice to be materially different from those expressed by such forward-looking statements or forward-looking information. Although Lattice believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
United States Advisory: The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the U.S. Securities Act) unless an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
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