Off and Running: Knee Treatment Biotech Regentis goes Public

In the latest of a flurry of SPAC deals, Regentis Biomaterials Ltd. announced it will be going public via an acquisition by OceanTech Acquisitions I Corp. that values Regentis at $95 million. SPAC acquisitions last week include:

Biotechnology deals of all stripes have been particularly active (e.g. Prometheus Biosciences, Inc.) as innovative new treatments emerge. Regentis is “a regenerative medicine company dedicated to developing innovative tissue repair solutions that seek to restore the health and enhance the quality of life of patients,” according to the deal press release. “Regentis current efforts are focused on orthopedic treatments using its Gelrin platform based on resorbable hydrogel implants to regenerate damaged or diseased tissue. Gelrin is a unique hydrogel matrix of polyethylene glycol diacrylate (a polymer involved in tissue engineering) and denatured fibrinogen (a biologically inactivated protein that normally has a role in blood clotting).”

Specifically, Regentis’s leading product candidate is a hydrogel that is shaped into a knee implant for patients with injured cartilage. This was approved as a device with a CE mark in Europe in 2017 and is currently in trials for FDA PMA approval in the U.S. and Europe for the treatment of articular cartilage injuries.

Knee Replacement Market Size ($ bn)


According to Precedence Research, the global knee replacement market size is projected to grow at a compound annual growth rate of 5.67% and reach approximately $16.1 billion by 2030.

While SPAC activity has plummeted from its activity in 2021 and start of 2022, data predicted this latest round of deals despite the less favorable environment. Because SPACs have a limited life cycle, many have scrambled to close deals before they are forced to return their cash to their investors. As the Boston Consulting Group put it, “With so many SPACs under pressure to hook up, potential targets have an opportunity to strike favorable deals.”

According to Matterhorn’s comprehensive M&A database, which harnesses AI to track current and historical deals, Regentis is advised by Greenberg Traurig, LLP and Doron Tikotzky Kantor Gutman Nass & Amit Gross, while OceanTech Acquisitions I Corp. is advised by Nelson Mullins Riley & Scarborough LLP and Goldfarb Gross Seligman & Co., Law Offices. The deal is expected to close in the 4th quarter and the combined company will be listed on the NASDAQ.