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Mallinckrodt announced a planned merger agreement with Stratatech Corporation, a regenerative medicine company.
On August 10, 2016, Mallinckrodt announced that it has entered into a merger agreement with Stratatech Corporation, a privately held regenerative medicine company focused on the development of proprietary skin substitute products. Some developmental products include StrataGraft regenerative skin tissues and a platform for genetically enhanced skin tissues, Mallinckrodt said in a press announcement. The financial terms of the agreement were not disclosed, and Mallinckrodt anticipates the transaction will close in the second half of calendar 2016.
Stratatech Corporation is currently working on development of StrataGraft, which if approved, would be an off-the-shelf skin substitute product for the treatment of severe burns. StrataGraft is designed to produce living tissues that mimic human skin and promote tissue regeneration. The technology platform provides potential for new products through genetically enhanced tissues, applied topically, that produce elevated levels of natural wound healing and antimicrobial factors. Phase I development is underway in diabetic foot and venous leg ulcers, with other potential applications under consideration.