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HOUSTON - FibroBiologics, Inc. (NASDAQ:FBLG), a clinical-stage biotechnology company with a market capitalization of $26.55 million, announced Monday it has filed a patent application with the United States Patent and Trademark Office for methods of generating multipotent cells from fibroblasts found in donor tissue for clinical applications. According to InvestingPro data, the company faces significant cash burn with negative EBITDA of $14.64 million in the last twelve months.
The patent application covers techniques for producing larger quantities of stable and scalable multipotent cells directly from donor-derived fibroblasts. According to the company, these multipotent fibroblasts demonstrate enhanced ability to form 3D spheroid structures, potentially expanding their use across various therapeutic and drug development areas.
"This method provides us with the ability to obtain larger quantities of stable and easily scalable multipotent cells from donor-derived fibroblasts for use in clinical applications," said Hamid Khoja, Chief Scientific Officer of FibroBiologics.
Multipotent cells can differentiate into multiple specialized cell types depending on environmental conditions. While stem cells are commonly associated with multipotency, fibroblasts can also differentiate into various cell types including chondrocytes, osteocytes, hepatocytes and cardiomyocytes.
FibroBiologics is a clinical-stage biotechnology company focused on developing therapeutics using fibroblasts and fibroblast-derived materials. The company reports holding 275+ issued and pending patents across various clinical pathways including wound healing, multiple sclerosis, disc degeneration, psoriasis, orthopedics, human longevity, and cancer. Trading at $0.68 per share, the stock has declined 86.81% over the past year, though InvestingPro analysis suggests the company may be slightly undervalued at current levels. For deeper insights and additional financial metrics, investors can access more than 10 exclusive ProTips and comprehensive analysis on InvestingPro.
The information in this article is based on a company press release statement.
In other recent news, FibroBiologics, Inc. has announced the appointment of Jason D. Davis as its new Chief Financial Officer. Davis, a seasoned finance professional with over 20 years of experience, is stepping into his role as the company prepares for upcoming Phase 1/2 clinical trials for diabetic foot ulcers, anticipated in the latter half of 2025. His previous achievements include guiding companies through growth stages and leading a successful IPO for Virax Biolabs in July 2022. Notably, during his tenure at HyperDynamics Corp, Davis was instrumental in raising over $200 million and significantly boosting the company’s market capitalization. His expertise in capital markets and SEC reporting is expected to be a strategic asset for FibroBiologics as it seeks to advance its clinical programs. These developments are part of the company’s ongoing efforts to enhance shareholder value.
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