–News Direct–
Orthocell Ltd (ASX:OCC) MD Paul Anderson speaks with Proactive soon after welcoming Professor Fiona Wood AM to its board, as the company drives global commercialisation plans for its revenue generating world-leading medical devices and cellular therapies. Earlier in the quarter the company appointed new chairman John Van Der Wielen. In a move that solidifies their partnership, Orthocell and the University of Western Australia (UWA) inked a royalty agreement under which UWA has agreed to exchange all royalty entitlements for equity in Orthocell. Plus, the company also reported increasing total revenue to $1.77 million in Q1 FY24 – up 71% from Q1 FY23 of $1.03 million.
Orthocell chair John Van Der Wielen said: We are delighted to announce an agreement to exchange our financial obligations payable to UWA for equity in Orthocell.
This agreement allows Orthocell to retain all revenue benefits of its intellectual property and makes Orthocell more attractive to potential partners and investors.
It is deeply encouraging to see this respected university, with strong connections to the origins of Orthocells platform technologies, elect to take shares as payment signalling its continued support and investment in Orthocells world-leading medical products and innovations and likelihood to realise significant global growth.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
View source version on newsdirect.com: https://newsdirect.com/news/orthocell-on-the-cusp-of-significant-growth-571939589
Orthocell Ltd
COMTEX_442791075/2655/2023-11-01T15:15:15
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