Admedus Ltd (ASX:AHZ) has expanded its exclusive distribution partnership with Canada's CORONEO to sell its Extra-Aortic Annuloplasty Ring and related products in Australia and New Zealand.
This builds on original agreement to distribute CORONEO products in UK and Germany.
The ring is implanted into patients to repair heart valves and complements CardioCel, the lead regenerative product marketed by Amdedus.
The product will be sold through the existing sales and marketing network at Admedus.
Admedus anticipates gaining marketing approval for this unique aortic implant in the second half of 2016.
Admedus' flagship product is CardioCel®, a bio-engineered tissue scaffold to repair congenital heart defects, and expanding into the heart valve market.
CardioCel is becoming a surgeon-preferred biomaterial for heart valve repair surgeries.
It represents a disruptive technology in the $2.5 billion heart valve repair and replacement market, which is dominated by products commercialized by large medical device companies.
The product is in the process of building early traction, as the company has been capital constrained. CardioCel launched in the EU in 2013 and in the US in 2014.
It is now being sold in Canada, Australia, Asia, the Middle East, and North Africa, covering 135 medical centres.
Beyond CardioCel, Admedus is developing a DNA-based therapeutic vaccine for HSV-2 and HPV. Final data from the ongoing phase II HSV-2 study are expected to be released in 2Q17.
Today Admedus revealed that it has extended its distribution agreement with Coroneo to sell its products, including is Aortic Annuloplasty Ring, in Australia and New Zealand.
The Coroneo Aortic Annuloplasty Ring is a complementary product to CardioCel for repairs of aortic heart valves.
CardioCel is used in over 145 centres globally and has been implanted in over 4000 patients for the repair and reconstruction of congenital heart defects and cardiovascular defects.
There is a natural synergy between the Extra-Aortic Ring and the CardioCel product in the lead up to CardioCel being approved in the Australian market.
The Extra-Aortic Ring compliments the use of CardioCel in heart valve repairs and will play an important role as Admedus expands its presence in the heart valve repair market.
Admedus has recently been attracting broker attention, with current price targets of A$1.95 and A$2.00.
With the stock trading at around A$0.48 this represents a large discount to the current price targets.
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