3D printing medtech company Osteopore (ASX: OSX) is set to continue their successful streak, following news that the company has received Australian Therapeutics Goods Administration (TGA) approval for three craniofacial products, after being placed into a trading halt Friday afternoon.
The Osteomesh, Osteoplug, and Osteoplug-C, are used primarily to fill voids in a patient’s bone, fostering the regeneration of real bone cells. Last year, Brisbane surgeons successfully used Osteopore’s products to help a 29 year old man regrow over 30cm of his tibia bone, following an infection a couple of years prior.
The approval will allow the 3D-printed materials to be more accessible to hospitals and doctors, with Osteopore having already hired a consultant to help them with the distribution and sales side of the operation. Earlier in the month, the Australian and Singapore based company reported that COVID-19 has not had a significant impact on their sales or manufacturing.
Osteopore’s latest TGA approval will join the established list of international approvals, including in the United States, Europe, Singapore, and parts of Asia.
Goh Khoon Seng, Osteopore’s CEO, commented on the news “We are delighted to have now received TGA approval for Osteoplug and Osteomesh, and this has now opened up the Australian market to Osteopore. Australia is a key market for the global expansion of our business, and we are excited to be able to continue to build our revenue streams in this market”.
The company debuted on the ASX in September last year and was one of the most successful companies to do so. After raising just over $5m through an offer price of $0.20, the company reached a high of $1.06 in October, representing a 430% gain in less than a month. While the share price has come down since then to a low of $0.28, the stock never plummeted below the original offer price.
Shares in the company have surged over 28% this morning following news of the announcement and are currently trading at $0.60.
Bronte Moore is a business journalist at Emerald Financial whilst also completing a JD at the University of Melbourne.
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