Orthocell Ltd (AU:OCC) has released an update.
Orthocell Ltd has recently bolstered its financial position with a $3.05 million R&D Tax Incentive refund, contributing to a robust cash reserve of $22.25 million and no debt, ensuring a strong foundation for its global expansion and upcoming US market entry for its nerve repair product, Remplir™. The company anticipates submitting its market authorization application in the US by the end of 2024, targeting an addressable market estimated at over $1.1 billion annually. These developments mark significant progress for the regenerative medicine company, which is also advancing other medical products and partnerships.
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