After tracking as high as 58 cents this morning, shares in the regenerative medicine company have since retreated. At the time of writing, the Orthocell share price is trading down 2.68% to 54.5 cents.
What did Orthocell announce?
In today’s release, Orthocell advised it has been granted a new US divisional patent for CelGro. The patent provides additional intellectual property (IP) to protect the platform for soft tissue regeneration and repair applications, and expires in June 2033.
Orthocell also revealed it had secured 11 patent families that protect its intellectual property. This includes 110 separate patents/applications, of which 75 have already been granted.
Manufactured in Western Australia, the company believes CelGro has numerous competitive advantages over existing synthetic and biologic tissue repair products. Orthocell said CelGro was known to be superior in cell biocompatibility, tensile strength and tissue repair. The medical device has shown positive results in repairing bone defects in the jaw, assisted in re-joining severed or damaged peripheral nerves, and enhanced restoration of the rotator cuff tendon (shoulder).
Branded as Striate+ in the United States, the CelGro Dental platform will be used for dental bone and tissue regenerations procedures. This includes dental bone repairs, growth around dental implants in extraction sockets, and tissue regeneration in intrabony defects.
Orthocell managing director Paul Anderson welcomed the recent patent approval, saying:
This is an important patent that further protects and strengthens our IP position for CelGro, providing greater layers of protection. This patent also complements the recent market approval of the first CelGro product, Striate+ for dental bone and soft tissue repair procedures approved in the US, EU and Australia.
Orthocell share price snapshot
The Orthocell share price is up almost 20% over the last 12 months. The company’s shares hit a low of 18 cents in last year’s COVID-19 market rout in March, before quickly rebounding.
Based on the current share price, Orthocell has a market capitalisation of around $104 million.