Full Press Release Details
| Vericel Corporation | |
| 64 Sidney Street | |
| Cambridge, MA 02139 | |
| T 617 588-5555 F 617 588-5554 | |
| www.vcel.com |
Announces FDA Acceptance of Biologics License Application for NexoBrid for the Treatment of Severe Thermal Burns
CAMBRIDGE, Mass., September 16, 2020 (GLOBE NEWSWIRE) -- Vericel
Corporation (NASDAQ: VCEL) today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing the recently
submitted Biologics License Application (BLA) for NexoBrid (concentrate of proteolytic enzymes enriched in bromelain)
for eschar removal (debridement) in adults with deep partial-thickness and/or full-thickness thermal burns. The FDA assigned a
Prescription Drug User Fee Act (PDUFA) target date of June 29, 2021. In addition, the FDA communicated that it is not currently
planning to hold an advisory committee meeting to discuss the application.
"The FDA's acceptance of the NexoBrid BLA for review
represents another important milestone toward our goal of providing a new standard of care for eschar removal in patients with
severe burns," said Nick Colangelo, President and CEO of Vericel. "We look forward, together with MediWound, to working
with the FDA during the BLA review process as we seek marketing approval for NexoBrid in the United States."
Sharon Malka, CEO of MediWound added, "The acceptance
of the NexoBrid BLA is a major milestone for MediWound and it is gratifying to know NexoBrid is one step closer to being available
to help burn victims in the United States. We thank all of the investigators, their teams, our employees and all our partners,
especially BARDA and Vericel, for their commitment to the program."
Vericel will host a virtual Analyst and Investor Day on Friday,
October 16, 2020, from 9:00 a.m. - 11:00 a.m. EST which will focus on NexoBrid. In addition to a general corporate update, Vericel
executives will facilitate discussions with burn surgeon thought leaders on current burn debridement practices and how NexoBrid,
upon approval, could change the current treatment paradigm for debridement of severe thermal burns.
About Vericel Corporation
Vericel is a leader in advanced therapies for the sports
medicine and severe burn care markets. The company markets two cell therapy products in the United States.
MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold
product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or
without bone involvement in adults. Epicel (cultured epidermal autografts) is a permanent skin replacement
for the treatment of patients with deep dermal or full-thickness burns greater than or equal to 30% of total body surface
area. The company also holds an exclusive license
from MediWound Ltd. for North American rights to NexoBrid , a registration-stage biological orphan product for
debridement of severe thermal burns. Funding and technical support to MediWound Ltd. for development of NexoBrid is provided
by the U.S. Biomedical Advanced Research and Development Authority (BARDA). For more information, please visit the
company's website at www.vcel.com.
Epicel and MACI are registered
trademarks of Vericel Corporation. NexoBrid is a registered trademark of MediWound Ltd. and is used under license
Cautionary Note Regarding Forward-Looking
Vericel cautions you that all statements
other than statements of historical fact included in this press release that address activities, events or developments that we
expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we
have a reasonable basis for the forward-looking statements contained herein, they are based on current expectations about future
events affecting us and are subject to risks, assumptions, uncertainties and factors, all of which are difficult to predict and
many of which are beyond our control. Actual results may differ materially from those expressed or implied by the forward-looking
statements in this press release. These statements are often, but are not always, made through the use of words or phrases
such as "anticipates," "intends," "estimates," "plans," "expects,"
"continues," "believe," "guidance," "outlook," "target," "future,"
"potential," "goals" and similar words or phrases, or future or conditional verbs such as "will,"
"would," "should," "could," "may," or similar expressions.
Specifically, this press release contains
forward-looking statements concerning the anticipated progress, development, objectives, expectations and commercial potential
of NexoBrid. Among the factors that may cause results to be materially different from those stated herein are the inherent uncertainties
associated with the timing and conduct of clinical trial and product development activities; the ability to successfully develop
and commercialize NexoBrid, including its commercial growth potential and the market demand for the product; the availability of
funding from BARDA under its agreement with MediWound for use in connection with NexoBrid development activities; competitive developments;
whether FDA will provide marketing approval for NexoBrid in the United States; the risks related to the timing and conduct of our
NEXT Study; the impact of applicable laws and regulations; and the uncertainties associated with the scope, scale and duration
of the impact of the COVID-19 pandemic. For example, we are unable to predict how the pandemic will affect the overall healthcare
infrastructure, including the pace with which governmental agencies, such as the FDA, will review and approve regulatory submissions.
Additional government-imposed quarantines and requirements to "shelter at home" or other incremental mitigation
efforts also may impact our ability to
source supplies for our operations or our ability to sell and support the use of NexoBrid in the future.
These and other significant factors
are discussed in greater detail in Vericel's Annual Report on Form 10-K for the year ended December 31, 2019, filed with
the Securities and Exchange Commission ("SEC") on February 25, 2020, Vericel's Quarterly Report on Form 10-Q
for the quarter ended June 30, 2020, filed with the SEC on August 5, 2020, and in other filings with the SEC. These forward-looking
statements reflect our views as of the date hereof and Vericel does not assume and specifically disclaims any obligation to update
any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of
this release except as required by law.