Bone healing biotechnology company Osteopore Limited (ASX: OSX) has signed an exclusive Distribution Agreement with LMT Surgical to promote and sell Osteopore products within the Australian and New Zealand markets.
CEO Khoon Seng Goh said that while Osteopore continues to grow its underlying revenue base from its existing distribution network, this is the company’s first Australian / NZ distribution agreement and builds on the Company’s successful securing of Australian TGA approval in early 2020.
Under the terms of the three-year, exclusive agreement, LMT Surgical will market Osteopore’s range of products for oculoplastic and neurosurgical procedures, as well as patient specific implants.
Osteopore products have already gained Australian Therapeutics Goods Administration (TGA) approval, and Prosthesis List reimbursement codes which will enable LMT Surgical to immediately begin efforts to engage with doctors and hospitals (government and private).
The terms of the Agreement do not contain binding minimum sales thresholds. The Agreement contains standard termination provisions including termination in the event of insolvency, change of control, or breach by the distributor, and the agreement can be terminated by either party on 60 days’ notice. The Agreement also contains such other terms that are standard in commercial distribution agreements of this type.
Mr Seng Goh said Osteopore will now work closely with LMT Surgical to train and support sales representatives to facilitate ongoing promotion to surgeons across Australia and New Zealand to the targeted segments. LMT Surgical has an extensive sales and clinical support coverage with developed and recognised expertise for the promotion of current and future Osteopore pipeline products.
We are delighted to have secured our first commercial distribution agreement for Osteopore’s products in Australia and New Zealand,” he said.
“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”.
