Bone healing biotech company Osteopore (ASX: OSX) has signed an exclusive deal with Australian-owned LMT Surgical to promote and sell its 3D-printed medical products within the Australian and New Zealand markets.
It is the company’s first distribution agreement covering the region and builds on Osteopore’s securing of approval by Australia’s Therapeutic Goods Administration (TGA) earlier this year.
Under the terms of the three-year exclusive deal, LMT Surgical will market Osteopore’s products for oculoplastic (dealing with the eye and surrounding facial structures) and neurosurgical (the nervous system including the brain and spine) procedures, as well as patient specific implants.
In addition to TGA approval, Osteopore products have already gained prosthesis list reimbursement codes which will enable LMT Surgical to immediately begin efforts to engage with doctors and hospitals (both government and private), the company said.
Osteopore chief executive officer Khoon Seng Goh said the company looks forward to working with LMT Surgical to build the market penetration of its unique products to “bring better outcomes for Australian and New Zealand patients”.
“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,” he said.
Extensive sales network
With more than 20 years of experience in medical devices, LMT Surgical provides products and services to the orthopaedic, spine, neuro, ears nose and throat (ENT), plastics, sports medicine and aesthetic sectors of Australia and New Zealand’s medical market.
Osteopore’s products are based on its patented technology that 3D prints bioresorbable medical implants or ‘scaffolds’ specifically designed for bone regeneration.
According to Osteopore, LMT Surgical has an “extensive” sales and clinical support coverage with “developed and recognised expertise for the promotion of current future Osteopore pipeline products”.
“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,” it stated.
The terms of the three-year exclusive agreement do not contain binding minimum sales thresholds and the deal can be terminated by either party with 60 days’ notice.
The news came a day after Osteopore released its September quarter report, which showed a 40% increase in revenue growth to more than $408,000.
Total sales for the year have also surpassed the S$1 million (A$1.04 million) mark.