Orthocell launches $8m IPO
Regenerative medicine company Orthocell has launched an IPO on the ASX, seeking to raise $8 million to help fund its product commercialisation efforts.
The Western Australian company will offer 20 million shares at an offer price of $0.40 apiece. The IPO is being led by KTM Capital and Azure Capital, and Shaw Stockbroking is acting as co-manager.
Orthocell has announced plans to use the proceeds to finalise the development of CelGro, a collagen-based scaffold product for orthopaedic, reconstructive and surgical applications, and lodge it for Australian regulatory approval.
The funds will also be used to expand the reach of Ortho-ATI, a stem cell therapy that uses a patient’s own cells to repair damaged tendons. The TGA has approved the product.
Orthocell plans to increase marketing efforts for the product domestically and prepare regulatory submissions for the product in its first international market - likely Europe or Japan.
Orthocell CEO Paul Anderson said more than 400 people have so far been treated with Ortho-ATI and autologous chondrocyte implantation cartilage repair product Ortho-ACI, which is also TGA approved.
“To date, clinic trial data has demonstrated the long-term effectiveness of Ortho-ATI in its ability to regenerate tendon structure,” he said. “Musculoskeletal conditions are the most common reason to access healthcare services and cost Australia more than $4 billion each year.”
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