Melbourne, Australia – 3 December 2024 | ReNerve Limited (ASX: RNV, “ReNerve” or “the Company”) is pleased to announce that the Company has signed an exclusive distribution agreement with Accession Medical Supplies Co. (“Accession”), a leading supplier of medical devices in both Hong Kong and Macau. The partnership will drive sales and marketing for ReNerve’s flagship product, the NervAlign® Nerve Cuff, in the Hong Kong and Macau markets.
Highlights:
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Exclusive Partnership with Accession:
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Accession will serve as the exclusive distributor of ReNerve’s NervAlign® Nerve Cuff in Hong Kong and Macau, leveraging its existing relationships with local hospitals and practitioners.
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The partnership positions ReNerve to expand further into the broader Greater Bay Area of the region, a healthcare market that serves over 86 million people.
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NervAlign® Nerve Cuff:
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The product is an FDA-cleared product that is designed for the repair of damaged or transected nerves.
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The Nerve Cuff product is expected to address unmet needs in peripheral nerve repair, a market that is projected to grow from USD $1.96 billion in 2024 to USD $6.19 billion by 2031, at a CAGR of 17.8%.
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Regulatory Progress:
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ReNerve has filed for regulatory approval in Hong Kong, with approval currently anticipated by the middle of 2025.
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Dr. Julian Chick, Managing Director of ReNerve, commented: “The exclusive partnership with Accession represents a pivotal step forward in ReNerve’s growth strategy. By leveraging Accession's extensive local expertise and established relationships with key hospitals and surgeons in Hong Kong and Macau, we are confident in our ability to successfully introduce and expand the reach of the NervAlign® Nerve Cuff in this dynamic market.
This collaboration not only accelerates our international expansion but also positions ReNerve to tap into the broader Greater Bay Area, unlocking significant opportunities for growth. As we continue to advance our innovative solutions for nerve repair, this partnership underscores our commitment to improving patient outcomes and driving sustainable value for our stakeholders”
Hong Kong & Macau Market Opportunity:
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Hong Kong and Macau represent concentrated healthcare markets with efficient access to major hospitals, making them ideal entries for advanced medical devices.
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As a gateway to the Greater Bay Area, the partnership enhances ReNerve’s potential to scale operations and further penetrate the market in one of the fastest-growing healthcare regions around the world.
For further information, please contact:
Dr Julian Chick
CEO & Managing Director
info@renerve.com.au
Jane Morgan
Investor & Media Relations
Email: jm@janemorganmanagement.com.au
About us:
About ReNerve Limited:
ReNerve Limited (ASX:RNV) is an Australian-based biotechnology company specialising in advanced nerve repair and regeneration solutions. The Company is focused on commercialising cutting-edge medical devices and tissue-engineering products that seek to address significant unmet needs in peripheral nerve damage patients – a critical gap in healthcare. ReNerve aims to improve patient outcomes through scientifically backed products that have been developed to enhance the human body's natural healing process, while commercialising cutting-edge, scalable products for the healthcare market. ReNerve wishes to acknowledge AusIndustry’s Accelerating Commercialisation program for its support through many of the activities required to commercialise the NervAlign® Nerve Cuff™.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au