Osteopore inks first ANZ distribution deal, adds ex-ResMed exec
Health & Biotech
Health & Biotech
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Special Report: Osteopore (ASX:OSX) has made two additions: the bone healing company has a new distribution partner and a new chief financial officer.
The company has signed its first-ever Australia and New Zealand distribution agreement, with LMT Surgical, a Queensland-based surgical supplier.
Under the three-year exclusive agreement, LMT Surgical will market Osteopore’s products for oculoplastic and neurosurgical (eye and brain) procedures and patient-specific implants.
Osteopore received Therapeutic Goods Administration approval earlier this year for its implants, and has Prothesis List reimbursement codes that will let LMT Surgical immediately engage with both doctors and government and private hospitals.
Osteopore makes off-the-shelf and bespoke products engineered to facilitate bone healing across multiple therapeutic areas.
Its products are 3D printed using a bioresorbable material that dissolves over time to reduce post-surgical complications associated with permanent implants.
Osteopore said it would work closely with LMT to train and support its sales representatives so they could engage with Australian and Kiwi surgeons.
“We are delighted to have secured our first commercial distribution agreement for Osteopore’s products in Australia and New Zealand,” said Osteopore chief executive Khoon Seng Goh.
“We are excited to have a local distributor of the quality, coverage and reputation of LMT to partner with during this next phase of Osteopore’s growth.
“We look forward to working with LMT to build the market penetration of Osteopore’s unique products to bring better outcomes for Australian and New Zealand patients.”
Osteopore has also appointed Carl Runde as its chief financial officer, a role in which he’ll oversee all financial operations of Osteopore, as well as manage its investor relations and corporate communications.
Runde held various executive finance positions at ResMed (ASX:RMD) from 2003 to 2019, most recently vice president finance-corporate systems. Runde has also just completed his PhD and worked as an independent financial consultant for medtech startups.
Current executive director Geoff Pocock will transition to a non-executive director role in the current months, although he’ll remain on the company’s board and assist Runde as the Sydney-based man becomes Osteopore’s primary point of contact for Australian capital markets.
“Carl’s significant financial reporting and commercial expertise will be invaluable as Osteopore continues its business development and growth trajectory,” Goh said.
This article was developed in collaboration with Respiri, 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.