Medtech company Osteopore (ASX: OSX) has had an opening day to remember having raised $5.25m through their IPO at an Offer Price of $0.20 per share, before commencing trade on the ASX today where shares reached a high of $0.80, a 300% gain.
Unlike other medtech IPOs, Osteopore had already secured US FDA and CE Mark approval for their products, having commercialised three 3D-printed products – Osteoplug, Osteomesh and Osteostrip – which have been printed and used in more than 20,000 surgical procedures to date.
Key to the patented range of products is their bioresorbability which enable them to be accepted post-surgery facilitating natural bone healing. The polymer engineered matrix is able to quickly absorb marrow, blood and nutrients, whilst modelled to encourage natural bone regeneration.
“We are extremely pleased by the support for the Company from Australian and international investors, and the success of Osteopore’s IPO raising shows the strong appetite from ASX investors for well-priced technology investment opportunities,” said Osteopore Director, Geoff Pocock.
“Our focus now is on execution of our business plan to build value in the Company for shareholders.”
3D-printed products are becoming increasingly popular in the medical industry with their cost-of-production notably lower than traditional labour, thus making scalability much more achievable.
Last month, UK medtech company Andiamo was awarded the Most Innovative Tech Firm award for their 3D-printed orthotics and disability support products.
Other medical companies listed on the ASX which produce medical products via 3D-printing include Oventus (ASX: OVN) which 3D-print oral appliances to treat snoring & sleep apnoea, and Healthia (ASX: HLA) which is Australia’s largest producer of 3D-printed orthotics.
At the end of their first day of trading on the ASX, Osteopore shares closed the day at $0.725, a 262% rise on their IPO Offer Price.