Patents Developed by Hospital for Special Surgery Result in the Formation of Cure Therapeutics, Inc.

New York, NY—January 14, 2005

Medical professionals are always searching for new treatment options for patients suffering from chronic tendinopathies. In response to this need, the Hospital for Special Surgery (HSS) in New York City announced today that it has licensed its nitric oxide technology for use in the development of a topical patch to treat tendon and ligament injuries - conditions such as carpal tunnel syndrome, tennis elbow, and injuries to the rotator cuff and Achilles tendon.  Pending FDA approval, Cure Therapeutics Inc., a company based on technology developed at HSS to treat these conditions and funded by Carrot Capital Healthcare Ventures (CCHV), will develop a nitric oxide patch for application directly on the skin. The CurellRx Patch is intended to speed healing by stimulating the formation of collagen and other connective tissue elements.  

George Murrell, MD, PhD - a former orthopedic fellow at HSS and the current director of Orthopaedic Surgery and the Orthopaedic Research Institute at the St. George Hospital, University of New South Wales in Sydney, Australia - first advanced the use of nitric oxide in the treatment of tendinopathies during a series of experiments at HSS. Subsequent human clinical trials demonstrated that nitric oxide may have a significant and beneficial effect on patient-determined pain, function and loss of symptoms.

"We believe our findings represent a major advance toward the remedy of painful and incapacitating tendon and ligament injuries," said Dr. Murrell.  "The topical application of nitric oxide has already proven to be of great benefit in the treatment of cardiovascular-related chest pain, and, pending further research and FDA review, is a promising step in the management of tendinopathy pain and the acceleration of tissue healing." 

Soft tissue strains and sprains result in more time away from the workplace than any other injury, with 6.5 million Americans seeking care for tendinopathies each year.  These conditions cost over $5 billion per year in the United States.  Apart from surgical repair in certain cases, there are currently limited options available to the clinician to enhance the natural rate and strength of the repair process beyond the use of controversial corticosteroid injections.

"We traditionally treat these injuries with passive, non-operative measures including rest, stretching, and graduated strengthening exercise programs designed to optimize the body's own healing process," said Dr. Murrell. "This technology holds the potential to greatly improve symptoms and increase the quality of life for many patients."

HSS Ventures, an affiliate of HSS, facilitated the license agreement between HSS and Carrot Capital Healthcare Ventures for the creation of New York-based Cure Therapeutics Inc., which expects to spend approximately three years developing the CurellRx Patch.  The patch will be further evaluated in clinical trials before being submitted for FDA approval.  Cure Therapeutics, Inc. announced today that it has closed a seed round of financing provided by CCHV to help cover the costs of the upcoming clinical trials. 

About HSS Ventures
HSS Ventures, an affiliate of the Hospital for Special Surgery (HSS), is focused on product development, technology licensing and venture investing in orthopedics and rheumatology.