Rajawali Medika will work with Collagen to obtain regulatory approval and launch ChondroMimetic in Indonesia with the potential of several other South East Asian countries.
Collagen said the Jakarta-based company was “highly experienced” in selling and marketing medical devices in the Asia Pacific region and has a “strong network” of orthopaedic surgeons and sales distribution channels.
“We are pleased to enter the partnership agreement with Rajawali Medika for ChondroMimetic in South East Asia,” said chief executive Jamal Rushdy.
“We will benefit enormously from both their in-depth expertise in the area of sports medicine procedures as well as their regional presence.
“This agreement adds to other distributor agreements that we have been putting in place in Asia and Europe in order to initiate our launch of ChondroMimetic soon after we obtain regulatory approval.”
ChondroMimetic is a minimally-invasive surgically placed scaffold which helps to repair knee cartilage.
Last February, results from an eight-year clinical extension study showed that ChondroMimetic was able to regenerate cartilage to a structural quality almost identical to native cartilage.
CE Mark timing ‘uncertain’
Work on a CE Mark application, which would signify that the product has passed safety, health and environmental protection requirements, began almost straight away.
Collagen had hoped to hear whether or not it had been successful by the end of March, although with the process being out of its control, it admits that the timing of any award is “uncertain”. Currently, ChondroMimetic is not approved for sale in any markets.
“We are currently awaiting feedback regarding our CE Mark submission and we will provide an update once new information becomes available and certainly no later than our proposed April trading update,” added CEO Rushdy.
Collagen Solutions shares rose 3.8% to 4.2p in late-afternoon trading on Thursday.
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