Melbourne, Australia – 10 December 2024 | ReNerve Limited (ASX:RNV, “ReNerve” or “the Company”) is pleased to announce an exclusive distribution partnership with Union MediScience B.S.C (“Union MediScience”), one of the leading medical device distributors in the Middle East region. This agreement will facilitate the sales and marketing efforts for ReNerve’s flagship product, the NervAlign® Nerve Cuff™, across five key countries in the Middle East region (Saudi Arabia, Bahrain, Kuwait, United Arab Emirates (UAE) / Dubai, and Qatar.
Highlights:
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Exclusive Partnership:
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Union MediScience will exclusively distribute the Company’s NervAlign® Nerve Cuff™ product, leveraging an extensive network and expertise in medical device sales, as well as regulatory pathways in the Middle East.
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The partnership aligns with ReNerve’s strategic focus on international expansion and futher targeted market entry.
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Opportunity for Market Growth:
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The Middle East nerve repair market is estimated at USD $80 million annually, with projected growth exceeding 35% per annum, driven by increased awareness of nerve repair and replacement technologies.
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The region represents a less competitive yet high-growth market compared to major global markets like the U.S.
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NervAlign® Nerve Cuff™:
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The Company’s FDA-cleared product is designed to address significant unmet needs in nerve repair and nerve regeneration, particularly in peripheral nerve injuries.
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This seeks to target the rapidly expanding global nerve repair biomaterials market, valued at USD $1.96 billion in 2024 and projected to grow to USD $6.19 billion by 2031.
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Dr. Julian Chick, CEO and Managing Director of ReNerve, stated: "We are thrilled to execute the Agreement with Union MediScience, an established and reputable distributor in the Middle East, to bring the NervAlign® Nerve Cuff to a market with tremendous growth potential. This partnership underscores our commitment to working with trusted local partners who possess deep regional expertise and established networks, ensuring that we can effectively address the critical need for nerve repair solutions in the region.
This partnership aligns seamlessly with ReNerve's strategic focus on global expansion and targeted market entry. By collaborating with Union MediScience, ReNerve leverages a partner with proven expertise and established connections, facilitating regulatory approvals and accelerating market penetration across the MENA region. Furthermore, this Agreement supports the Company's broader vision of commercializing cutting-edge medical technologies in high-growth markets while addressing significant unmet medical needs.”
Market Potential and Strategic Importance:
The Middle East offers a burgeoning healthcare market with fewer competitors to other markets, providing ReNerve with an opportunity to establish a strong position in the region. The partnership with Union MediScience will allow the Company to address unmet medical needs while contributing to the global adoption of advanced nerve repair technologies.
For further information, please contact:
Dr Julian Chick
CEO & Managing Director
info@renerve.com.au
Dayna Louca
Investor & Media Relations
dayna@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 tissueengineering 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