Orthocell Ltd (ASX:OCC, OTC:ORHHF) has taken another step toward fulfilling its global market expansion ambitions, officially entering the Canadian biotech market with the first sale of its products through distribution partner BioHorizons.
This first sale of Striate+, for use in dental guided bone and tissue regeneration, follows regulatory approval from Health Canada in early July and demonstrates the rapid conversion potential of OCC products from approval, to sales, to revenue generation.
The company estimates the Canadian regenerative medicine market to be worth A$60 million, with a global market opportunity of more than A$1 billion for its Striate product.
Singapore and Brazil to follow
“Commencement of sales in Canada is further validation of Orthocell’s expanding global footprint,” Orthocell managing director Paul Anderson said.
“Our valued partner BioHorizons has executed a rapid transition from approval to first sales. This reaffirms the high-quality nature of our product and partnership.
“Once Singapore and Brazil applications are approved, Striate+ will be available for use in guided bone and tissue repair in seven large and attractive markets.
“And we will continue to accelerate approvals in what is a significant A$1 billion annual global market.”
Striate+ is a collagen membrane used to support dental guided bone and tissue regeneration procedures, which has been approved for use in the USA, Australia, New Zealand, Europe, United Kingdom and Canada.
OCC says its product is gaining excellent traction due to its high efficacy rates, achieving an impressive 98.6% success rate in a post-market clinical study.
The company expects to enter the Singapore and Brazil markets within the next 6 to 12 months, having achieved record revenue of A$6.76 million in the 2024 financial year (up 30% year on year) and comfortably well-funded with A$20.6 million in the bank.