Tetratherix (TTX: $4.30) made a strong debut on the ASX, with its shares rising 49% from the listing price. The company raised A$25 million at A$2.88 per share.
Its initial products target bone regeneration, leveraging the world’s first “biostealth fluid matrix,” which changes state with temperature. The first two are expected to reach the US market in the first half of next year, to be followed by three more over the next four years. Other applications include tissue spacing—for protection during radiation therapy—and tissue repair. The bioresorbable material integrates with surrounding tissue over time.
Tetratherix plans to license its technology to third parties while maintaining in‑house manufacturing. For its first product, Tegenix, it has partnered with Henry Schein, the largest dental‑products distributor in the US, and aims to seed the product with Tier 1 dentists to generate KOL feedback. The second product, Tutelix, is designed to protect rectal tissue during prostate‑cancer radiation. It will compete with Boston Scientific’s SpaceOAR, acquired in 2018 for US$600 million, which was generating US$50 million in annual sales at the time. CEO Will Knox acknowledged a few shortcomings with SpaceOAR but described it as “good enough.”
The Tetratherix approach offers cost and ease‑of‑use advantages, avoiding the multiple‑syringe, chemical‑reaction hardening process used by competitors. At the time of acquisition, the addressable US market was estimated at US$750 million per year. The third product, Optelex, will maintain eye shape during cataract surgery, hardening in seconds for precise shaping.
Unlike wound‑therapy companies such as Aroa Biosurgery, Avita and Polynovo, Tetratherix focuses on applications in general surgical procedures. The successful listing paves the way for additional biotech IPOs this year, many of which are at advanced stages. Tetratherix is now capitalised at A$216 million.
Bioshares recommendation: Under Review
CEO Will Knox will present at next month’s Bioshares Biotech Summit in Hobart.
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