Medical technology company Osteopore Limited (ASX: OSX) has taken another step in its commercialisation of a range of patented 3D printed bioresorbable products with the signing an agreement with US based Bioplate Inc to market, promote and sell Osteopore products into the US market.
Osteopore CEO, Khoon Seng Goh, said Bioplate provides cranial fixation solutions for neurosurgery around the world. With two decades of experience in product innovation and sales, they have strong relationships with doctors, health professionals, hospitals and health services, as well as significant sales and client support necessary for market penetration of the technology.
Under the terms of the two-year agreement, Bioplate will distribute Osteopore products on a non- exclusive basis for cranial and neurosurgery procedures.
The distribution agreement covers select states within the US market, covering California, Arizona, Texas, Ohio, Wyoming Indiana and Puerto Rico. Bioplate will cover all technical support requirements for the Osteopore products as well as educational and training support.
Mr Seng Goh said Osteopore plans to work closely with Bioplate to initially penetrate key US clinical institutions and support them with hospital listings, driving product adoption and generating sales.
The training programme for Bioplate sales representatives will begin shortly and Osteopore will be involved in the initial promotion to a number of influential neurosurgeons over the coming weeks.
Mr Seng Goh said that while Osteopore continues to grow its underlying revenue base from its existing, primarily Asian distribution network, this is the company’s first US distribution agreement since its IPO in 2019, and the company will continue to explore additional distributors for other regions to facilitate market penetration and sales, as well as maximise the improved patient outcomes available through its unique technology.
Bioplate has already received small orders from the University of California and Stanford in the San Francisco area and will provide Osteopore with quarterly forecasts for demand throughout the agreement period.
The current bone graft substitute market is worth around US$4 billion, and sales of permanent implants are estimated at over US$100 billion annually,” Mr Seng Goh said.
“With a large portion of this opportunity sitting within the US, penetrating this region is a major strategic objective for the business.
“We continue to focus on development and manufacturing of our products and building additional commercial partnerships with parties who will be responsible for the sales and distribution of the products into other US territories.”