- Medical company Allegra Orthopaedics (AMT) topped the winner’s chart by quite some distance today after buying the patents for a synthetic bone substitute from the University of Sydney
- The product, known as Sr-HT-Gahnite, can simulate the performance of a natural bone while leaving no foreign materials in the body
- Allegra has been exclusively licenced the material from the University of Sydney since 2014, but today bought the patents for 4.8 million shares
- The company plans to commercialise a fully synthetic spinal cage as its initial product offering
- Following today’s news, Allegra Orthopaedics shares tacked on over 500 per cent to close worth 53 cents each
Medical company Allegra Orthopaedics (AMT) topped the winner’s chart by quite some distance today after buying the patents for a synthetic bone substitute from the University of Sydney.
The company’s shares sextupled following the late-afternoon announcement. Allegra said the new patents relate to a bioceramic material known as Sr-HT-Gahnite. While the material allegedly has several uses, Allegra gave special attention to its potential use as a synthetic bone substitute.
The company paid 4.8 million shares to the University of Sydney to snatch up the patents.
Of course, today’s buy does not mark the first time the company will make use of the product. Allegra has been collaborating with the University of Sydney since 2014, during which time the education institution gave Allegra an exclusive licence over Sr-HT-Gahnite.
This means Allegra has already been working toward developing and commercialising the material for bone implants.
The reason the material is so attractive to the company is its capacity to simulate the performance of natural bone by balancing mechanical strength with the bioactivity for bone regeneration. Importantly, the material can be 3D printed.
Allegra CEO Jenny Swain said: “We are very excited by the acquisition of these patents as we believe this material will enable us to create and commercialise highly desirable implants with unique properties that we can bring to the market.”
Allegra has started commercialising an interbody cervical spinal cage as its initial product offering. This is major news for the company as, if successful, the device has the potential to be the world’s first fully synthetic spinal cage that can regenerate like a natural spine and be completely absorbed, leaving the body free of foreign materials.
Following today’s news, Allegra Orthopaedics shares tacked on a whopping 502.27 per cent to close worth 53 cents each.