Shares of biomedical group Orthocell Ltd (ASX: OCC) soared as much as 28% higher before noon today, hitting a peak of 59.5 cents following a market sensitive announcement.
Orthocell is a promising small-cap company that provides innovative approaches to the regeneration of tendon, cartilage and soft tissue injuries. Indeed, the name might sound familiar given that one of its treatments was recently highlighted on an episode of Today Tonight on the Seven TV network.
In this morning's update, the company said that a publication that appeared in the Journal of Tissue Engineering and Regenerative Medicine provided peer reviewed support for a similar approach to regeneration of damaged cartilage within joints as is offered by Orthocell's current Ortho-ACI cartilage repair product, thus enhancing its future promise.
Orthocell said: "More than 500,000 cartilage surgeries are undertaken in the US each year and the use of growth factors to prevent or augment a portion of these surgeries represents an attractive market opportunity for Orthocell."
Elsewhere, fellow biomedical group Tissue Therapies Limited (ASX: TIS) has retreated 9% after almost doubling in price earlier in the week, while Rhinomed Ltd (ASX: RNO) is down 2.9%, compared to a 0.5% lift for the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO).
