Orthocell Ltd (ASX:OCC) MD Paul Anderson speaks with Proactive soon after welcoming Professor Fiona Wood AM to its board, as the company drives global commercialisation plans for its revenue generating world-leading medical devices and cellular therapies. Earlier in the quarter the company appointed new chairman John Van Der Wielen. In a move that solidifies their partnership, Orthocell and the University of Western Australia (UWA) inked a royalty agreement under which UWA has agreed to exchange all royalty entitlements for equity in Orthocell. Plus, the company also reported increasing total revenue to $1.77 million in Q1 FY24 - up 71% from Q1 FY23 of $1.03 million.
Orthocell chair John Van Der Wielen said: “We are delighted to announce an agreement to exchange our financial obligations payable to UWA for equity in Orthocell.
“This agreement allows Orthocell to retain all revenue benefits of its intellectual property and makes Orthocell more attractive to potential partners and investors.
“It is deeply encouraging to see this respected university, with strong connections to the origins of Orthocell’s platform technologies, elect to take shares as payment – signalling its continued support and investment in Orthocell’s world-leading medical products and innovations and likelihood to realise significant global growth.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Orthocell Limited is an Australia-based regenerative medicine company. The Company is focused on regenerating mobility for patients by developing products for the repair of a variety of bone and soft tissue injuries. Its portfolio of products includes CelGro, Striate+, Remplir, and SmrtGraft. CelGro is a collagen medical device that facilitates tissue reconstruction and healing in a variety of dental and orthopedic reconstructive applications. CelGro is manufactured using a SMRT manufacturing process to preserve the natural collagen structure. Striate+ is used for dental GBR applications. Remplir is for peripheral nerve reconstruction. SmrtGraft is for tendon repair. Its other major products are autologous cell therapy, which focuses on regenerating damaged tendon and cartilage tissue. It is engaged in the development of its tendon cell therapy in the United States. Its autologous tendon therapy is an advanced injectable cellular therapy for the treatment of chronic tendon injuries.