Orthocell has appointed a distributor for Remplir in Singapore. Pic: Getty Images
Health & Biotech
Special Report: Regenerative medicine company Orthocell has appointed Device Technologies Asia (DVT Asia) as the exclusive distributor for its nerve repair product Remplir in Singapore following regulatory approval from Health Sciences Authority (HSA).
The agreement extends an established and successful distribution relationship between Orthocell (ASX:OCC) and Device Technologies, which is a respected name in the provision of medical devices and has been credited with driving rapid sales growth for Remplir in Australia and New Zealand.
Singapore represents the first major international market launch outside the existing markets of Australia and New Zealand for Remplir, a collagen wrap to augment nerve repair surgery.
The country is highly regarded for its efficiency, high standards and state of the art medical facilities.
Orthocell said Singapore was an important regulatory jurisdiction and served as a hub for sophisticated medical treatments and a gateway to other ASEAN markets such as Thailand, Malaysia, Vietnam, Indonesia and the Philippines.
Orthocell said DVT was well-equipped to replicate the success it had in Australia and New Zealand with Remplir in Singapore.
DVT has a dedicated sales team in Singapore and the company noted is has strong relationships with leading plastic reconstructive and orthopaedic surgeons at high-quality surgical centres.
Orthocell said market preparations were underway, with first sales in Singapore anticipated in Q1 CY25.
The swift move from regulatory approval to a distribution agreement highlights Orthocell’s commitment to global expansion and revenue generation.
The company is aiming to be a significant player in the global nerve repair market estimated to exceed US$3.5 billion.
Around two million peripheral nerve repairs are estimated to be performed across Australia/New Zealand, Singapore, USA, EU/UK, Canada, Brazil, Japan and Thailand each year.
Orthocell said its regulatory strategy for Remplir continues to progress. The company remains on track to release top-line results from its Remplir US market authorisation study and submit a US 510(k) application with the US Food and Drug Administration in Q4 CY24. Approval is expected by late Q1 CY25.
Furthermore, the company has a strong balance sheet including ~$35 million in cash to drive global expansion, including the Singapore launch and regulatory efforts in other jurisdictions.
Orthocell recently completed a $17m placement backed by new leading Australian and international institutional investors along with existing shareholders.
Orthocell CEO and managing director Paul Anderson said DVT was a leader in providing innovative medical solutions in Singapore and Southeast Asia.
The Device Technologies Group continues to grow, with more than 200 trusted brands and 1000 highly skilled staff across Australia, New Zealand and Asia.
“We are excited to expand our partnership into this strategic market, where their expertise and relationships will help establish Remplir as the leading nerve repair device,” he said.
“We anticipate strong revenue growth and surgeon adoption following the Q1 CY25 market launch.”
DVT Asia managing director Nat McLay said the company was thrilled to partner with Orthocell to bring their innovative Australian-made nerve repair devices to Singapore.
“Our commitment to advancing patient outcomes and working with cutting-edge technologies aligns perfectly with Orthocell’s mission,” McLay said.
This article was developed in collaboration with Orthocell, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Health & Biotech
Health & Biotech
Health & Biotech
