Australian-Singaporean regenerative medicine company Osteopore’s (ASX:OSX) share price spiked 992% to 71 cents by mid-morning after the regenerative medicine company told the market it had received approval for its innovative orthopaedic products to be marketed across Singapore and Vietnam.
This came after the company’s groundbreaking products, known as aXOpore®, were given the green light by Singapore’s Health Sciences Authority (HSA) and Vietnam’s Department of Medical Equipment and Construction (DMEC).
aXOpore® includes a range of off-the-shelf and customizable orthopaedic implants, positioning Osteopore for complex bone reconstruction procedures as well as general bone grafting procedures. The approval is vital for the company as it expands its presence in these high-growth Asian markets.
Of particular importance is Osteopore’s High Tibial Osteotomy (HTO) product, which has been well-received in both Singapore and Vietnam. HTO procedures aimed at preserving knees have seen a doubling of demand in Singapore over the past year, reflecting the growing need for innovative orthopaedic solutions.
In Singapore in particular, where over 10% of adults are affected by knee osteoarthritis, the need for knee preservation surgeries is on the rise, particularly among the 40-to-60-year-old demographic. With knee preservation surgeries having the potential to delay more invasive procedures like Total Knee Replacement (TKR), Osteopore’s products address a critical need and fill a void in that market.
Vietnam’s orthopaedic market is projected to experience robust growth, driven by an aging population and increasing prevalence of orthopaedic conditions. Osteopore aims to capitalize on this growth by launching its orthopaedic products in these key markets, leveraging existing sales and distribution channels to accelerate market access.
“These approvals enable Osteopore to supply off-the-shelf and customisable implants,
positioning us to capture the potential of these high growth market segments,” Osteopore’s CEO Dr Lim Yujing said.