- Osteopore (OSX) has signed a deal with LMT Surgical to distribute its bone healing products across markets in Australia and New Zealand
- The agreement is the company’s first domestically focused deal and builds on the receipt of Therapeutic Goods Administration (TGA) approval received earlier this year
- With an initial three-year term, LMT Surgical will be free to immediately begin engaging with doctors and hospitals, both government and private
- The company will provide training and support to sales representatives to facilitate the promotion of its products
- Shares in Osteopore (OSX) were up 1.94 per cent at the close of trading on Friday to 52 cents each
Osteopore (OSX) has signed a deal with LMT Surgical to distribute its bone healing products across markets in Australia and New Zealand.
Under the terms of the exclusive three-year agreement, LMT Surgical will promote and sell Osteopore’s range of products, which are primarily used for oculoplastic and neurosurgical procedures, to both government and private doctors and hospitals.
While the company will continue to focus on growing revenue through its existing distribution network, the deal with LMT Surgical is the first to focus specifically on the Australian and New Zealand markets, and follows the receipt of Therapeutic Goods Administration (TGA) approval that occurred earlier this year.
It also comes off the back of a two-year US-focused distribution agreement signed in early July with Bioplate, which saw Osteopore’s share price leap by more than 116 per cent.
Despite the lack of minimum sales thresholds, the deal contains a number of standard provisions, including termination in the event of insolvency, change of control or a breach by LMT Surgical, as well as termination with 60 days’ notice from either party.
Khoon Seng Goh, CEO of Osteopore, said he is delighted to have secured the company’s first commercial distribution agreement for Australia and New Zealand.
“We are excited to have a local distributor of the quality, coverage and reputation of LMT to partner with during this next phase of Osteopore’s growth,” he added.
With the deal in place, Osteopore has said it will now work closely with LMT Surgical to train and support sales representatives.
“We look forward to working with LMT to build the market penetration of Osteopore’s unique products to bring better outcomes for Australian and New Zealand patients,” Khoon said.
Shares in Osteopore (OSX) were up 1.94 per cent at the close of trading on Friday to 52 cents each.