Orthocell has struck a deal with a medical equipment supply firm to distribute its nerve repair device in Singapore, sending the Perth company’s shares up 26 per cent.
Orthocell has struck a deal with a medical equipment supply firm to distribute its nerve repair device in Singapore, sending the Perth medtech company’s shares up 26 per cent on Wednesday.
This follows on from the company’s market update on October 8 that it had received regulatory approval from the Health Sciences Authority to begin sales in Singapore, which are tipped to begin the first quarter of the 2025 calendar year.
Remplir is a collagen-based wrap, which augments nerve repair surgery by ensuring compression-free protection of the impacted nerve.
By doing this, it can provide optimal conditions for the nerve to heal.
Presently, Remplir is only available in both Australia and New Zealand, however sales have risen due to the product’s popularity amongst surgeons in both markets.
“We are delighted to extend our very successful distribution partnership with Device Technologies in Australia and New Zealand into Singapore,” Orthocell managing director and chief executive Paul Anderson said.
“They have a proven track record in successfully driving the market entry of high-quality products with specialist capabilities and resources, and in the marketing, promotion and distribution of Remplir.
“We are very much looking forward to working with DVT Asia to establish Remplir as the highest quality nerve repair device in Singapore.
“We expect revenue growth and surgeon adoption of Remplir to accelerate from market launch in the first quarter of the 2025 calendar year.”
Orthocell is also looking to expand Remplir into the US, and on October 31 tapped investors for $17 million to fund its launch.
Under the placement, Orthocell issued approximately 28.3 million shares at an issue price of 60 cents apiece.
The John Van Der Wielen-chaired company is hopeful of securing approval from the US-based Food and Drug Administration early next year.
