The Orthocell Ltd (ASX: OCC) share price has rocketed over 200% higher today after an ASX update on its nerve regeneration trial.
What did Orthocell announce?
The regenerative medicine company announced that the first four patients have successfully completed participation in its CelGro nerve regeneration clinical trial.
Following surgery with CelGro, these patients regained muscle function and/or sensation of affected limbs and have returned to work, sport and activities of daily living.
Management said the trial is being undertaken with leading Western Australian orthopaedic nerve specialist, Dr Alex O'Beirne of St John of God Subiaco Hospital and Professor Ming Hao Zheng of the University of Western Australia.
The company said that patients experienced an 83% improvement in muscle power with initial results indicating that CelGro can be used to guide and support nerve regeneration in severely damaged or severed peripheral nerves of the hand and upper limbs.
Orthocell said that patient treatment is 75% complete (15 out of 20 patients) with recruitment expected to be completed before the end of June 2019.
Why has the share price soared higher?
Today's results are a big breakthrough for the Aussie medical group with indications that CelGro can accelerate and augment the repair of damaged or severed nerves.
Managing Director Paul Anderson said that the early results are an important step forward in the development of the CelGro platform in the area of human nerve regeneration.
According to this morning's release, over 20 million people in just the United States suffer from peripheral nerve injury as a result of motor vehicle, sporting or work-related incidents every year, with an annual cost of US$150 billion per annum.
Management estimates CelGro's addressable market in peripheral nerve repair at US$1.1 billion per annum, with approximately 700,000 procedures that could use CelGro being completed every year.
For those who want to find the next hot growth company, this top-rated stock could boost portfolio gains as it continues to soar in a $22 billion industry.
