Nerve technology developer Orthocell (ASX:OCC) has received a $2.9 million R&D tax incentive refund for the 2018/19 financial year.
The Perth company, which is commercialising its CelGro product to facilitate the regeneration of severed peripheral nerves, will invest the funds to accelerate regulatory approvals and to advance R&D.
The company also recently raised new capital on the ASX and believes it is now well positioned to penetrate markets in Australia, the US and EU.
Managing director Paul Anderson said: “(This) further strengthens our capital position and enables us to progress regulatory approvals, establish commercial infrastructure and execute on our partnership strategy.”
Anderson said the company was on track to submit applications for permission to sell CellGro for dental bone and soft tissue repair applications.
The company will also begin a CellGro nerve regeneration study for US market approval in the first quarter of the year.
CellGro is a collagen-based medical device used in orthopaedic, reconstructive and surgical applications.
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