3D bone implant printing biotech Osteopore joins the ASX
Health & Biotech
Health & Biotech
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Special Report: Osteopore, a biotech specialising in 3D printed “bioresorbable” implants, has made its debut on the ASX after a successful initial public offering (IPO).
Osteopore (ASX:OSX) raised $5.25m in its IPO, which closed early amid strong institutional, high net worth and sophisticated investor demand.
On its first day on the bourse, OSX shares opened at 63c, and hit as high as 80c — that’s a remarkable 300 per cent spike for those who bought in during the IPO.
The company specialises in the production of 3D printed “bioresorbable” implants for natural tissue regeneration — 3D printed polymer implants that can mesh with the human body — that are used in conjunction with surgical procedures to facilitate the natural stages of bone healing.
It lands on the ASX well advanced, with approval from the US Food and Drug Administration and Europe’s CE Mark already achieved. The products have been used in more than 20,000 surgeries, with no post-surgery complication rates traditionally associated with long term permanent bone implants.
That technical and commercial progress puts Osteopore well ahead of the vast majority of small cap biotech and medtech companies on the ASX, many of whom are either still in clinical trials or attempting to have their products approved by regulatory bodies. The company banked just short of $1m in revenue in the 2018 calendar year, with revenue primarily generated in Asian markets including Singapore, Korea and Vietnam.
The funds raised from the IPO are being used to enhance market penetration of its Osteoplug, Osteomesh and Osteostrip products in established and emerging international markets, as well as developing new growth opportunities leveraging its expertise in regenerative medicine and medical polymers. It is also planning to expand across Australia, Asia, Europe and the US.
Brett Sandercock, non-executive chairman of Osteopore, said the support received from investors would allow the company to grow.
“We are excited by the possibilities for improving health outcomes for patients as the Osteopore technology is increasingly used by surgeons globally. The funds from the IPO will greatly accelerate our sales and marketing efforts and enable the company to increasingly supply products to key global markets,” he said.
Geoff Pocock, executive director, added, “We are extremely pleased by the support for the company from Australian and international investors, and the success of Osteopore’s IPO raising shows the strong appetite from ASX investors for well-priced technology investment opportunities.”
>>Now watch: 90 Seconds With… Geoff Pocock, Osteopore