Biotech company Osteopore makes ASX debut

Osteopore shares have surged on the Perth- and Singapore-based biotech's ASX debut following a $5.25 million initial public offering.

Osteopore shares closed at 72.5 cents, more three and a half times their initial public offering price of 20 cents.

Osteopore executive director Geoff Pocock called the result fantastic and gratifying.

"It really justifies the decision to go to the ASX," he told AAP.

Founded in 2003, Osteopore makes dissolvable implants - 3D-printed, sometimes from a patient's CT scans - that facilitate bone regrowth.

Its products have already been used in more than 20,000 surgical procedures in east Asia, plugging "burr holes" drilled in the skull and providing a scaffolding for the repair of fractured eye sockets.

"It's a very high margin opportunity," Mr Pocock said.

Osteopore, which is also developing implants for dental and orthopaedic leg, arm and spinal surgery, plans to use money from the IPO to increase sales to the US, Europe, China and Australia.

Mr Pocock said Osteopore, unlike many small biotech companies, actually had a product from which it was deriving revenue.

"We're actually out in the market; we're actually using capital to build revenue streams," he said.

Osteopore last year declared a $S870,249 ($A930,000) loss on $S934,878 ($A990,000) in revenue, half of which came from South Korea and a third from Vietnam.

With 101 million shares on issue it has a market capitalisation of $55.6 million at 55 cents a share.

Resmed chief financial officer Brett Sandercock will join the Osteopore board as non-executive chairman.

"We are excited by the possibilities for improving health outcomes for patients as the Osteopore technology is increasingly used by surgeons globally," Mr Sandercock said.

Austrlaian Associated PressBack to Breaking News

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