Admedus (ASX:AHZ) has made further inroads in Asia with the entry of its lead regenerative tissue product CardioCel® into Hong Kong following the receipt of initial orders.
In addition, the bio-scaffold for the repair of congenital heart deformities and complex heart defects including repairing heart valves is on track for its strongest sales quarter.
New initial centres in France and Italy have being added to the existing European centres already using the product.
CardioCel® is now used in over 60 centres globally with 28 in Europe and a further 28 centres in the U.S.
Over 1,200 patients have benefited from CardioCel® as part of their cardiovascular repair surgery.
“The initial sales in Hong Kong are important as these countries represent significant cardiovascular markets in the Asian region,” chief executive officer Lee Rodne said.
“Expansion in this region is part of our global strategy for CardioCel®.”
He added that sales of CardioCel® continued to grow.
“We continue to focus on building the market for CardioCel®. The advantage of the tissue over other options available to surgeons and cardiologists gives patients clear benefits and we are seeing this manifest into product use.”
CardioCel® is a regenerative tissue product engineered by the group’s ADAPT® tissue engineering process to be a durable, pure collagen scaffold used to repair heart deformities including repairing and reconstructing heart valves.
Notably, the first patient from its Phase II study had their 6 year follow up earlier this year and the results show there was still no detectable calcification.
Other patients in the study also continue to show no signs of calcification or follow up surgeries after 3 to 5 years.
The lack of calcification addresses one of the key issues with other existing tissue products and is a key milestone for the technology.
This provides further potential for the future treatment of congenital heart disease, moving closer towards the stage where surgeons can reduce, if not eliminate, the need for patients to undergo repeat procedures.
During the December 2014 Quarter, the group had total sales of $2.5 million, up 23% from the corresponding previous period and up 10% from the previous quarter this financial year.
This resulted in revenues of $4.8 million for the half-year ended 31st December 2014.
CardioCel® sales for the first half of the year were around $1 million.
The initial sales of CardioCel® in Hong Kong are important for Admedus as it represents a significant cardiovascular market and progress in its global expansion strategy.
The regenerative tissue product’s clear benefits over other options available to surgeons and cardiologists – including the absence of calcification – have also ensured that its sales continue to grow.
These successes could drive the entry of CardioCel® into additional markets over the coming months including additional countries in Asia.
The company has $9.6 million in cash as at 31st December 2014.
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