Orthocell shares spike after more positive clinical data from its nerve regeneration study
Health & Biotech
Health & Biotech
Link copied to
Orthocell’s (ASX:OCC) latest clinical study results led to shares rising more than 20 per cent this morning.
Orthocell’s CelGro technology involves using collagen — the glue that holds our bodies together — as a scaffold on which cells and tissues can grow.
The company has focused on treating several ailments from ACL injuries to jawbone damage. But it is the fight against nerve damage that has had investors most excited – evident in May last year where shares rose nearly 400 per cent in a day from positive results.
Today, Orthocell announced further results in the study including 24-month follow up results.
Patients in the trial suffered traumatic nerve injuries following vehicle, sporting or work related accidents. Orthocell has been able to help them, restoring upper limb function in 17 out of 19 nerves.
The patients were able to reduce, if not cease, pain medication and in many cases return to work and participate in recreational activities.
One patient in the trial, 43-year old Adrian Walsh, broke his neck in a mountain bike accident in June 2017.
Today, 24 months post-treatment, he told shareholders his arm felt “300 per cent better than before the procedure”. Among other things, he got a driver’s licence again and looks forward to taking his family on a holiday.
Orthocell today told shareholders it has closed recruitment, with the study having met its objectives.
The company is also looking to eventual commercialisation. It told shareholders the global addressable market in peripheral nerve repair was worth over US$7.5 billion per annum with up to 3 million procedures that could use CelGro.
“Following these positive results validating the interim data, our team is progressing regulatory applications in Australia and will commence the US regulatory study shortly to make this treatment accessible to the millions of people who experience nerve damage annually,” said Orthocell managing director Paul Anderson.
Shares have been on a rollercoaster over the last couple of years. While shares are overall down in 2020 it is a multi-bagger on a two-year basis.