Orthocell Limited (ASX:OCC) Achieves First Sales of Remplir™
Sales Milestone Achieved
Orthocell Limited (ASX:OCC) has made significant progress in its commercialisation strategy by achieving first sales of its innovative peripheral nerve repair device, Remplir™, in Singapore. This milestone comes ahead of the planned market launch in Q1 CY25 and showcases the quality of the product and the efficacy of its distribution partner, Device Technologies Asia.
Market Expansion and Growth Prospects
The successful sales in Singapore follow the regulatory approval received in October 2024. Remplir™ is already well-established in Australia and New Zealand, with surgeon endorsements reflecting its unique repair qualities. The company anticipates that initial sales will fuel revenue growth and surgeon adoption in the new year.
CEO and Managing Director, Paul Anderson, expressed his delight at the early sales achievement. He stated, “We are delighted to report first sales to DVT Asia earlier than expected. Device Technologies is our chosen distribution partner in Australia, New Zealand and Singapore and have moved quickly to begin selling our leading nerve repair product Remplir in Singapore.”
The successful introduction in Singapore positions Orthocell to enhance its expansion strategy in Asian markets, providing a regulatory gateway to larger ASEAN markets.
Financial Position and Future Plans
Orthocell maintains a robust financial standing with approximately $33 million in cash reserves. This funding is earmarked for the launch of Remplir™ in Singapore and the United States, alongside accelerating its regulatory program in additional jurisdictions like Canada, the U.K, and Europe.
The company remains on track to submit its US 510(k) application in Q4 CY24, aiming for FDA clearance to enter the largest healthcare market globally in 2025.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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