Osteopore Ltd

Invention:	Bioresorbable bone implants
Trademark:	Osteopore®
Patents:	TBA
ASX:	OSX

​The invention

​Osteopore's invention revolves around a breakthrough in bioresorbable solution technology, which is exemplified by their proprietary, 3D-printed implants that facilitate natural bone regeneration. These implants serve as a scaffold for bone growth, are made of a bioresorbable polymer that dissolves over a period of 18-24 months, and are designed to be replaced by the patient's own healthy bone tissue. Osteopore's scaffold is the only FDA approved bone implant that is both bioresorbable and biomimetic (i.e. mimics the native tissue structure). 
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​Performance advantage

Osteopore delivers superior patient outcomes by addressing the limitations associated with permanent implants and bone grafts:

Permanent Implants:

• Complications: 6-19%
• Issues:
  1. Non-biodegradable, leading to potential long-term complications.
  2. Risk of onset infections.
  3. Possibility of implant extrusion through the skin.
  4. Manufacturing challenges.
  5. Limited customization in terms of size and shape.

Bone Graft:

• Complications: 25-33%
• Issues:
  1. Risk of infection.
  2. Potential for lasting pain at the site of harvest.
  3. The possibility of the body absorbing the graft without bone regeneration.

Osteopore:

• Complications: 0.01%
• Advantages:
  1. Addresses the issues of non-biodegradability by offering a bioresorbable solution that dissolves over time (18-24 months), promoting natural bone regeneration.
  2. Highly customizable, ensuring a natural fit for different bone types and reducing the risk of complications.
  3. Extremely low post-surgery complication rates and unlikely to cause inflammation or infection.
  4. Solves unmet clinical needs, expedites recovery, and lowers healthcare costs.

Cost advantage and gross margins

Osteopore's technology offers a cost advantage over existing solutions by leveraging its proprietary, scalable 3D printing process that enables rapid design, manufacturing, and delivery of their bioresorbable implants. This approach not only facilitates the customization of implants to meet specific patient needs but also ensures a low-cost, high-margin production model. The company has achieved a 70% margin in CY22, highlighting the efficiency and cost-effectiveness of their manufacturing process. The ability to adjust production to meet demand further enhances this cost advantage, positioning Osteopore competitively in the market against traditional bone grafts and permanent implants​​.

Addressable market

The addressable market for Osteopore's technology within the permanent implant market is valued at US$100 billion​​. ​

Intellectual property

Osteopore has multiple granted patents protecting its product IP, underscoring its commitment to innovation and the protection of its technological advancements in the field of regenerative medical technology​​.

Incumbents

The incumbents can be categorized on the basis of the duration and structure of their implant's material: 
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Regulatory and commercial status

Osteopore's technology has received regulatory clearances in most major markets, including approval from the FDA (U.S.), CE Mark (European Union), TGA (Australia), HSA (Singapore), and more​​.

Osteopore has conducted over 80,000 implant operations. 

Upside

The company's market cap (AU$6m) is extremely low relative to its TAM, indicating high potential upside in the event of a moderate level of market uptake. 
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Sources

Osteopore investor presentation, 2023
https://www.aspecthuntley.com.au/asxdata/20230220/pdf/02633224.pdf