Regenerative medicine company Orthocell Limited’s (ASX:OCC) announced global distribution partner BioHorizons has recorded a fast transition to first sales of Striate+in the key market of Canada, following recent regulatory approval in early July. Striate+ can now be used in Canada in dental guided bone and tissue regeneration procedures.
“Commencement of sales in Canada is further validation of Orthocell’s expanding global footprint,” Managing Director, Paul Anderson, said.
“Our valued partner BioHorizons has executed a rapid transition from approval to first sales. This reaffirms the high-quality nature of our product and partnership.
“Once Singapore and Brazil applications are approved, Striate+ will be available for use in guided bone and tissue repair in seven large and attractive markets. And we will continue to accelerate approvals in what is a significant $1 billion annual global market.”
Striate+ is a collagen membrane used to support dental guided bone and tissue regeneration procedures. Striate+ is approved for use in the USA, Australia, New Zealand, Europe, United Kingdom and Canada and is exclusively distributed by BioHorizons Implant Systems Inc., one of the largest global dental implant companies. The global market opportunity for Striate+ is estimated to be approximately >US$730 million, with the Canadian market contributing approximately US$40 million.
Strong sales traction for Striate+ in existing markets has resulted from BioHorizon’s comprehensive marketing and medical education program, and the outstanding 98.6% success rate observed in the Striate+ post-market clinical study.
Striate+’s high quality performance is driving BioHorizons’ pursuit of other large, attractive markets where they have established accounts and/or distribution networks. Orthocell is currently working with BioHorizons to expand regulatory approvals of Striate+ in multiple new markets. In particular, regulatory approval for Striate+ in Brazil and Singapore is anticipated within 6-12 months, with further applications under review.
The strategic partnership has resulted in significant revenue growth for Orthocell, with increasing quarterly revenue and record annual total revenue in FY24 of $6.76 million, up 30.76% from the previous year (FY23) of $5.17 million. This revenue growth is evidence that Orthocell’s products are achieving strong uptake in their respective markets.
Orthocell is well positioned to drive Striate+ into global markets, with a strong cash position of $20.6m, focused regulatory programme targeting multiple strategic markets and a global distribution partner driving product marketing and sales.
