Orthocell Ltd (ASX:OCC) has received a Research and Development (R&D) Tax Incentive refund of A$2,143,955 for the financial year 2020-2021.
The funds will be used for:
- the scale up of Striate+™ and Remplir™ manufacturing capacity;
- distribution partnering programs;
- progression of Remplir™ US regulatory studies; and
- advancing the development and commercialisation of OrthoATI™.
Orthocell is well positioned to deliver leading regenerative medicine products to the world’s largest health care markets including the US, the EU and here in Australia.
“The receipt of the R&D tax incentive refund further strengthens our capital position and supports the scale up of Striate+™ and Remplir™ manufacturing capacity and distribution partnering programs, Remplir™ nerve repair US regulatory approvals, and development and commercialisation of OrthoATI™, delivering significant shareholder value,” Orthocell managing director Paul Anderson said.
The R&D Tax Incentive is an Australian Government program to support Australian companies to undertake R&D activities in Australia, under which eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.
About Orthocell
Orthocell is a regenerative medicine company focused on regenerating mobility for patients by developing products for the repair of a variety of bone and soft tissue injuries.
The company's portfolio of products includes:
- CelGro™, a collagen medical device which facilitates tissue repair and healing in a variety of dental and orthopaedic reconstructive applications;
- Striate+™, the first product approved for dental GBR applications, which is cleared for use in US FDA (510k), Australia (ARTG) and Europe (CE Mark);
- Remplir™, for peripheral nerve repair, which recently received approval in Australia (ARTG); and
- SmrtGraft™, for tendon repair, which is available in Australia under the Special Access Scheme or participation in a clinical trial.
The company’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, manufacturing scale-up and FDA engagement in advance of a randomised controlled study under FDA supervision.