The Osteopore Ltd (ASX: OSX) share price is surging today after the company announced it has signed a new research deal.
The medical technology company's share price soared 33% higher to 28 cents in early trading, before retreating slightly to 26 cents apiece at the time of writing. That's still 23.81% higher than the previous closing price.
Osteopore engineers and commercialises products that regenerate the tissues in the bones.
What did the company announce today?
In today's release, Osteopore advised it has signed an agreement for an $18.7 million project with two major research institutes in Singapore.
The company will work with the National Dental Research Institute and the Agency for Science, Technology and Research to develop jaw implants.
As part of the study, the company said it would test some of its patented products for potential use in dental applications.
Osteopore would use the research results to help develop jaw implants that would ultimately simplify future dental procedures.
If this research proved successful, the company said it could tap into a global market worth an estimated $1.26 billion.
Osteopore will commit $1.8 million towards the project over three years.
Management comment
Welcoming the announcement, Osteopore CEO Goh Seng said:
We are very thankful to participate and lead this grant and for the support of all the institutions involved in this research.
We strongly believe in developing and commercialising regenerative technologies for the well-being of patients.
Company chair Mark Leong added:
We are constantly developing new and better applications for our technology as well as growing addressable markets. This partnership project is a significant step for Osteopore.
Osteopore share price snap shot
Osteopore investors have experienced a turbulent year in 2021, falling 50% since January. In the past 12 months, the Osteopore share price has also dropped by around 50%.
Osteopore reached a yearly high of 53 cents in April, before dropping to a yearly low of 20 cents last week.
The company's total market capitalisation is around $30 million, based on the current share price.
