Osteopore makes first shipment to Colombia, the first of many Latin American markets it will pursue
Health & Biotech
Health & Biotech
Osteopore’s shipment to Colombia is part of the company’s strategy to penetrate new global markets.
Bone healing innovator Osteopore (ASX:OSX) is expanding its footprint to Latin America following the first shipment of its cranial regenerative implants to Colombia.
The initial orders were received from Osteopore’s Colombian based distribution partner, Implar SAS.
While the purchase order isn’t material, it’s a crucial first step towards Osteopore’s continued strategy to penetrate new markets and drive uptake amongst surgeons.
According to the Latin American Bone Graft and Substitutes Market, the Latin America market is estimated to be worth US$182 million by 2026.
“Achieving first sales into Latin America is a fantastic milestone for the company, as surgeons around the world increasingly realise the benefits of Osteopore products,” said Chairman Mark Leong.
The purchase order is also a validation of Osteopore’s craniofacial implants, which the company said are superior, off-the-shelf products that can be manufactured at scale.
The product has the potential to be used in over 1.1 million craniofacial procedures that are performed around the world.
The unique property about Osteopore’s implants is that they can dissolve over time to leave only natural healthy bone.
Osteopore said its implants have largely out-performed traditional implant methods in terms of design, post-surgery complications, as well as associated long term costs for patients.
The technology was co-developed with the Nanyang Technological University (NTU Singapore), and has already been granted a European patent, and a product registration approval in Hong Kong.
In Colombia, the implants have also successfully been cleared for sales from Colombia’s regulatory agency, INVIMA (Instituto Nacional de Vigilancia de Medicamentos y Alimentos).
Under the new deal, Implar SAS will promote the technology to their extensive network of hospitals and surgeons across the region.
Additional first sales in countries outside of Latin America are expected across 2022.
“We plan to harness this opportunity and work towards the necessary regulatory approval to expand sales in additional Latin American jurisdictions,” said Leong.
“We will also continue in building an economic moat around this novel technology,” he added
Osteopore already has regulatory approvals and access in more than 20 countries including the US, Europe, Asia and Australia.
The company says it will now focus on gaining additional regulatory access in new markets, executing on its vision to become the standard-of-care for bone and tissue regeneration globally.
This article was developed in collaboration with Osteopore, 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.