Sending Osteopore to Colombia is part of the company’s strategy to enter new global markets.
Bone healing innovator Osteopore (ASX:OSX) is expanding its presence in Latin America after the first shipment of its cranial regeneration implants to Colombia.
Initial orders have been received from Osteopore’s Colombian distribution partner, Implar SAS.
Although the purchase order is not large, it is a critical first step towards Osteopore’s ongoing strategy to enter new markets and drive adoption by surgeons.
According to Latin America Bone Grafts and Substitutes Market, the Latin America market is estimated to reach US$182 million by 2026.
“Achieving the first sales in Latin America is a fantastic milestone for the company, as surgeons around the world increasingly realize the benefits of Osteopore products,” said President Mark Leong.
A unique product
The order form is also a validation of Osteopore’s craniofacial implants, which the company says are premium ready-to-use products that can be manufactured at scale.
The product has the potential to be used in over 1.1 million craniofacial procedures performed worldwide.
The unique property of Osteopore implants is that they can dissolve over time to leave only healthy, natural bone.
Osteopore said its implants have far exceeded traditional implantation methods in terms of design, post-operative complications, as well as associated long-term patient costs.
The technology was co-developed with Nanyang Technological University (NTU Singapore) and has already obtained a European patent and product registration approval in Hong Kong.
In Colombia, the implants have also been authorized for sale by the Colombian regulatory agency, INVIMA (Instituto Nacional de Vigilancia de Medicamentos y Alimentos).
Under the new agreement, Implar SAS will promote the technology to its extensive network of hospitals and surgeons across the region.
First additional sales in countries outside of Latin America are expected in 2022.
“We plan to capitalize on this opportunity and work towards the regulatory approval needed to expand sales in other Latin American jurisdictions,” Leong said.
“We will also continue to build an economic moat around this new technology,” he added.
Osteopore already has regulatory approvals and access in over 20 countries, including the United States, Europe, Asia and Australia.
The company says it will now focus on gaining additional regulatory access in new markets, fulfilling its vision to become the standard of care for bone and tissue regeneration globally.
This article was developed in conjunction with Osteopore, a Stockhead advertiser at the time of publication.
This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.