Biotech stocks make waves as products gain recognition

Nerve regeneration company Orthocell (ASX: OCC) is one of two Australian biotech to announce good news in the past week.

The Perth company reported positive interim clinical results for CelGro, its collagen-based structure used as a scaffold to help rebuild damaged peripheral nerves.

Orthocell’s CelGro achieved positive results in studies of 12 patients at St John of God Hospital Murdoch and the University of Western Australia.

This builds on earlier anoucements, reported in @AuManufacturng, that the first four patients to receive surgery with CelGro regained sensation and muscle function.

The company’s shares gained 377 per cent in value on that announcement.

Now 73 per cent of 12 patients achieved “meaningful functional recovery of affected muscles within 12 months”.

Meanwhile, Clinvel Pharmaceuticals’ (ASX: CUV) SCENESSE treatment for skin diseases was approved by the US FDA ti enter the market.

Clinvel shares have risen from $1 on listing to close on Friday at $40.

The treatment was approved for use on a rare skin sensitivity to light, rythropoietic protoporphyria, which can cause rapid ulceration and burning.

Clinvel will reportedly sell the drug on its own behalf in the US, and pursue approval for treating other skin disorders.

Picture: Orthocell

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