Orthocell Ltd has boosted its cash reserves with a research and development (R&D) tax incentive refund payment of A$3.18 million from the Australian Government’s tax incentive program.
The funding brings Orthocell’s cash on hand to A$33 million, placing the company well to pursue its global market commercialisation strategy.
OCC is a regenerative medicine company focused on the repair of a variety of bone and soft tissue injuries, including the CelGro™ platform of collagen medical devices which support tissue reconstruction and healing in a variety of dental and orthopaedic reconstructive applications.
Poised to enter US market
“We are in a very exciting phase at Orthocell,” Orthocell CEO and managing director Paul Anderson said.
“We hold a strong cash position of circa A$33 million, are royalty-free, have rapidly growing revenues and are on track to achieve US market clearance to start selling Remplir in the US$1.6 billion United States market in late March or early April 2025.
“With our experienced team, sales growth in existing markets showing clear traction and the significant potential for exponential revenue growth that the US market can deliver, we look forward to this next phase with great enthusiasm, and believe we are on track to become a key player in the US$4.5 billion global medical device market.”
Striate+™ was the first product approved for dental guided bone regeneration (GBR) applications, cleared for use in the US(510k), Canada (MDL), Australia (ARTG), New Zealand (WAND), the UK (UKCA Mark) and Europe (CE Mark).
The company is also developing commercial opportunities for the peripheral nerve reconstruction product Remplir™ (approved in Australia, New Zealand and Singapore) and tendon repair product SmrtGraft™ (available under Special Access Scheme or participation in a clinical trial in Australia).
OCC’s other major products are autologous cell therapies which aim to regenerate damaged tendon and cartilage tissue.
Orthocell is accelerating the development of its tendon cell therapy in the US with technology transfer and FDA engagement to confirm the path to the US market and prepare for partnering discussions.