Australian-Singaporean regenerative medicine company Osteopore (ASX:OSX) has confirmed the early cessation of its $18.7 million clinical-industrial partnership project following a strategic review.
Osteopore is focused on 3D-printed biomimetic and bioresorbable implants.
The company said the early cessation is not a reflection of the technical viability of the project or the potential of the underlying technology.
"This strategic decision facilitates reallocation of resources, and aligns with the Company’s near and mid-term objectives of prioritising commercialisation," it said.
"Osteopore would like to extend its sincere gratitude to its collaboration partners: the National Dental Centre Singapore (NDCS), A*STAR’s Institute of Molecular and Cell Biology (IMCB), and the Singapore Institute of Manufacturing Technology (SIMTech). Their dedication, expertise and contributions have been invaluable in advancing regenerative dental solutions and we deeply appreciate their commitment to innovation and scientific excellence."
Osteopore said it has sought opportunities to improve cost centre performance whilst streamlining expenses. It said that it has reduced direct sales and marketing expenses while increasing revenue and profit.
"This approach along with the reallocation of resources following the cessation of the A$18.7m dental grant project, will free significant resources to strengthen our market position, enhance operational capacity and drive sustainable growth, thereby delivering greater value to stakeholders," it said.