Orthocell Limited, achieving a strategic milestoneTeam Veye | 22 Jan 2021 ASX - OCC
Orthocell Limited (ASX: OCC)
Orthocell receives $2.3m R&D tax incentive refund
Australian-based regenerative medicine company, Orthocell Ltd (ASX: OCC, “Orthocell” or the “Company”), on 20 January 2021 announced that it had received a Research and Development (R&D) Tax Incentive refund of $2,394,397 for the financial year 2019/2020
- Orthocell receives an R&D Tax Incentive refund of $2.3m
- 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®
- Orthocell is well positioned to deliver leading regenerative medicine products to the world’s largest health care markets including US, EU and AUS.
(Chart source: TradingView)
Orthocell receives first US CelGro product approval
Orthocell Limited on 14 January 2021 announced that it had achieved FDA 510(k) clearance to market and supply its CelGro collagen medical device for dental bone and tissue regeneration procedures in the US.
- Orthocell receives FDA 510(k) clearance to market and supply CelGro for dental bone and tissue regeneration procedures
- Striate+ registered as the new global brand for the CelGro dental bone and tissue regeneration product
- US, EU and AU market approvals now in place strengthens partnering potential
- Validates the SMRT™ manufacturing technology and provides a pathway for additional approval in key peripheral nerve repair market.
The FDA 510(k) clearance now allows Orthocell to supply Striate+ in the US dental market, estimated at US$500 million per annum. Striate+ has been approved for supply in dental bone and tissue regeneration procedures such as dental bone defect repair, augmentation around dental implants in immediate and delayed extraction sockets and guided tissue regeneration procedures in intrabony periodontal defects. (Data Source – Company Reports)
Following the recent US approval of Striate+, the receipt of the R&D tax incentive refund further strengthens the Company’s capital position and enables it to progress the Striate+ partnering program. The approval was received sooner than expected. This is a strategic milestone and a positive step in the pathway to partnering Striate+ in dental GBR indications. The stock was trading in a band, testing the closing levels of $0.450 made in the month of August 2020 repeatedly. The stock managed to close above this level. The upside momentum is seen on the price charts well supported by MACD. RSI is showing slight weakness which is an indication of retracement of the previous bullish candle. The overall uptrend signals upside potential in the stock. Veye maintains a "Hold” on “Orthocell Limited” at the current price of $0.535
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