OCC - Orthocell on the cusp of significant growth
(NewsDirect)
Orthocell Ltd(ASX:OCC) MD Paul Anderson speaks with Proactive soon after welcomingProfessor Fiona Wood AM to its board, as the company drives globalcommercialisation plans for its revenue generating world-leadingmedical devices and cellular therapies. Earlier in the quarter thecompany appointed new chairman John Van Der Wielen. In a move thatsolidifies their partnership, Orthocell and the University of WesternAustralia (UWA) inked a royalty agreement under which UWA has agreedto exchange all royalty entitlements for equity in Orthocell. Plus,the company also reported increasing total revenue to $1.77 million inQ1 FY24 - up 71% from Q1 FY23 of $1.03 million.
Orthocell chair JohnVan Der Wielen said: “We are delighted to announce an agreement toexchange our financial obligations payable to UWA for equity inOrthocell.
“This agreement allows Orthocell to retain all revenuebenefits of its intellectual property and makes Orthocell moreattractive to potential partners and investors.
“It is deeplyencouraging to see this respected university, with strong connectionsto the origins of Orthocell’s platform technologies, elect to takeshares as payment – signalling its continued support and investmentin Orthocell’s world-leading medical products and innovations andlikelihood to realise significant global growth.”
ContactDetails
Proactive Investors
JonathanJackson
+61 413 713 744
jonathan@proactiveinvestors.com
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