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Admedus delivers strong revenue growth on CardioCel® roll-out

Revenue climbed 37% to $6.6 million for the six months ended 31 December 2015. Over 135 centres are now using CardioCel® globally, which is up from 90 centres in July 2015.

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Admedus Limited (ASX:AHZ) has delivered another very productive half year of activity for the period ending December 2015.

This included consistent quarter on quarter growth in CardioCel® sales, expansion of the product into new markets, and a focus on expanding the ADAPT® tissue portfolio.

It has also made significant progress in its Immunotherapies programs.

Revenue climbed 37% to $6.6 million. Of this, CardioCel revenues were up 130% to $2.3 million, compared to the prior corresponding period.

Over 135 centres are now using CardioCel® globally to date - which is up from 90 centres in July 2015.

The CardioCel European label expansion enables greater access to adult heart valve market.

Admedus has also completed recruitment of the HSV-2 Phase II study.

Admedus holds a very healthy $19.1 million in cash.


Key advancements


- Initiation of the aortic valve reconstruction post-market study to further illustrate the utility and benefits of CardioCel in heart valve repairs and reconstructions versus replacing the valve with a bioprosthetic valve. This followed an extremely positive outcome in the pre-clinical study.

- CardioCel’s indication expansion in Europe, allowing its use in the repair and reconstruction of heart valves, expanding the paediatric market and providing greater opportunity in the adult heart valve market.

- A collaboration with a leading regenerative medicine team using Admedus’ ADAPT bio-scaffolds as a delivery mechanism for stem cells and other cellular therapies.

- Approval and first sales of CardioCel in Malaysia, in line with market expansion into the Asian region.

- Completed recruitment of the HSV-2 Phase II study ahead of the important interim results.

- Completing the manufacturing of the HPV vaccine for formal pre-clinical testing ahead of the initial clinical studies as a treatment for HPV infections and cervical cancer.


Outlook

Admedus said that in the second half of the year the company will continue to drive revenue growth in its product portfolios.

The company will also continue to increase the number of centres using CardioCel for repairing cardiovascular defects including reconstructing heart valves.

Added to this, will be the expansion of its regenerative tissue platform into vascular repairs, dura mater repairs and other applications.

In regards to immunotherapies programs, Admedus expects to deliver key interim data from the HSV-2 study during the period and initiate Ian Frazer’s next HPV vaccine as a therapeutic against HPV infections and Cervical Cancer.

 

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