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Orthocell (ASX:OCC) shares have notched upwards on Friday before lunchtime as the company announced its nerve repair product had been used successfully in a U.S.-based surgery for the first time.
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While it was enough to send shares up around 3% a/a 11.30am AEST, some on HotCopper did cite concern as to why, to date, the company’s surgery count using Remplir reflects a singular case.
In April, the company reported it saw Remplir sales in the U.S. on the horizon as it locked in a deal with a distributor. (To get there, it had to raise $17 million – but for a company as far along as Orthocell, this wasn’t entirely balked at.)
To remind, the company is developing a kind of ‘wrap’ product which is applied to nerves while patients are cut open on the table before being sewn back up in a bid to restore sensation in the skin post-op.
Many invasive surgeries leave the patient with numbness on the skin afterwards, something this finance journalist can attest to.
Still, price action on Friday suggests that the market may, indeed, be wondering about why only one surgery has been performed so far.
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That ultimately leads one to deduce investors are probably more interested in sales than having it confirmed the product is being used in surgeries – which, perhaps, you’d kind of hope had already been established.
But with 1Y returns up +253%, long-term holders probably aren’t too bothered either way.
OCC last traded at $1.25/sh.
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