Activities Report December 2024 and Appendix 4C
| Stock | Osteopore Ltd (OSX.ASX) |
|---|---|
| Release Time | 31 Jan 2025, 9:33 a.m. |
| Price Sensitive | Yes |
Osteopore delivers strong YoY revenue growth, issues A$20m in convertible notes
- Osteopore signs deals with RxCell and CytoMed to expand into scaffold-based cell therapy market
- Partners with renowned scientists Dr Xianmin Zeng and Dr Brian Kennedy to drive regenerative medicine innovation
- Expands global footprint with exclusive distribution agreements in Brazil and Singapore
Osteopore Limited (ASX:OSX), a revenue-generating manufacturer of regenerative implants, released its quarterly results and Appendix 4C Quarterly Cash Flow Report for the three months ended 31 December 2024. The company delivered strong year-over-year revenue growth of 27% in CY24, partially offset by the effects of the South Korean medical crisis and the ongoing transition of the business in EMEA. Q4 CY24 revenues declined by 9% to A$574,000 (S$499,000). Osteopore signed several key deals during the quarter, including a Collaboration Agreement with US-based induced pluripotent stem cell (iPSC) company RxCell to expand into the scaffold-based cell therapy market, which is projected to grow at a CAGR of 10% and surpass a market size of USD 4.39b by 2034. The company also signed a Collaboration Agreement with NASDAQ-listed biopharmaceutical company CytoMed to combine Osteopore's bioresorbable scaffolds with CytoMed's mesenchymal stem cells (MSCs) for regenerative therapies.Osteopore further strengthened its position in regenerative medicine by signing an Investment Agreement with prominent scientists Dr Xianmin Zeng and Dr Brian Kennedy to invest in a prospective biotech and medtech entity, 'Regen SPV', which aims to drive breakthroughs in tissue regeneration, disease cures, and the promotion of geroscience and longevity.On the global expansion front, Osteopore signed an Exclusive Distribution Agreement with Medsite to distribute its craniofacial products in Brazil, providing exposure to the $6b per annum Brazilian medical device market. The company also signed an Exclusive Sales and Marketing Agreement with DiethelmKellerSiberHegner (DKSH) to promote its off-the-shelf orthopaedic products in Singapore, where the high tibial osteotomy (HTO) market is projected to grow at a CAGR of 9.2% with procedures expected to reach 35,000 per annum in the Asia Pacific (APAC) by 2025.Osteopore also entered into a Subscription Agreement to issue 4% redeemable convertible notes to Advance Opportunities Fund and Advance Opportunities Fund I, with a nominal value of up to A$20m, structured in 4 tranches. The funds raised will be used for the company's ordinary business operations, future developments, and investments.The company successfully passed several key resolutions at its General Meeting on 23 December 2024, including the issuance of redeemable convertible notes, director performance rights, a new Employee Share Incentive Plan (ESIP), and a strategic investment with Dr Zeng and Dr Kennedy.