The Orthocell Ltd (ASX: OCC) share price is climbing today. At the time of writing, it's at 57.5 cents, up by 1.77%, settling back after jumping 4% in early trading.
Let's have a look at the latest announcement from the regenerative medicine company.
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What announcement did Orthocell make?
The Orthocell share price is moving higher after the company announced China and New Zealand have granted patents for its CelGro collagen medical device platform.
Australia and Japan have already granted patents for CelGro. Orthocell also said its patent applications were progressing in the United States and the European Union.
CelGro is a suture-less repair process used to regenerate soft tissue, meaning no potentially damaging stitches are needed. According to the statement, the process can improve the outcomes of surgeries by reducing surgery time, simplifying the techniques, and lessening the risk of additional trauma caused by stitches.
Orthocell reported preclinical studies indicate CelGro provides improved nerve repair and return of muscle function in patients with severed peripheral nerves compared to using sutures.
Orthocell's managing director, Paul Anderson, commented on the new patents:
These patents are an important addition to our global intellectual property portfolio, further strengthening our position in regenerative medicine product development and novel surgical techniques for soft tissue repair.
Sutureless or tensionless repair is of particular importance in the optimal repair of damaged nerves and is a key part of the repair process undertaken in the CelGro nerve regeneration clinical study. This comes at a perfect time for the company as we move our exciting pipeline products in nerve, tendon and ligament repair through the registration process in the US, EU and AUS.
The CelGro patents are set to expire on 12 October 2035.
Orthocell share price snapshot
Orthocell is currently trading at 57.5 cents per share. That puts Orthocell shares up by 64% over the past 12 months, well surpassing the 27% gains posted by the All Ordinaries Index (ASX: XAO).
Year-to-date, the Orthocell share price has continued to outperform, up 26% so far in 2021.
