The funds will be invested into the Striate+ partnering program, progression of CelGro® nerve repair regulatory approvals and to advance the development and commercialisation of Ortho-ATI®.
Further strengthens capital position
Orthocell managing director Paul Anderson said: “Following the recent US approval of Striate+, the receipt of the R&D tax incentive refund further strengthens our capital position and enables us to progress the Striate+ partnering program, CelGro® nerve repair regulatory approvals and development and commercialisation of Ortho-ATI®, delivering significant shareholder value.”
The R&D tax incentive is a government program to support Australian companies to undertake R&D activities in Australia, under which eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.
Striate+ gets US FDA approval
Last week, the company received US Food and Drug Administration’s (FDA) 510(k) clearance to market and supply its CelGro collagen medical device for dental bone and tissue regeneration procedures in the US.
The company has registered Striate+ as the new global brand for the CelGro dental bone and tissue regeneration product.
With the US, EU and Australian market approval achieved and key opinion leaders (KOLs) actively engaging with the program, Orthocell is well-positioned to secure a distribution partner and establish Striate+ as the best-in-class dental resorbable collagen membrane.
The global peripheral nerve repair market is estimated to be worth more than US$7.5 billion per annum, with around 3 million procedures that could use the nerve repair product each year.