Tissue Repair Achieves TGA Approval for TR Pro+ Wound Healing Gel
TRP (TRP) Share Update July 2024 Thursday 25th
Tissue Repair Secures TGA Approval for Advanced Wound Healing Gel
Tissue Repair Limited (ASX: TRP) has announced a significant milestone with the approval of its advanced wound healing gel, TR Pro+, by the Therapeutic Goods Administration (TGA).
Instant Summary:
- TGA approval granted for TR Pro+ wound healing gel.
- Product available in 10g and 50g tubes and 3g sachets.
- TR Pro+ sales in June 2023 reached a new high with 130% growth over the prior quarter.
- The company plans to expand distribution and market the product for a broader range of skin conditions.
TGA Approval Details
Tissue Repair Limited has announced that its advanced wound healing gel, TR Pro+, has received approval from the Therapeutic Goods Administration (TGA). This product, which contains the proprietary active ingredient Glucoprime® (0.1%) derived from yeast, is now listed under AustL 456187, AustL 456188, and AustL 456189. The approval covers various packaging options, including 10g and 50g tubes and 3g sachets.
TR Pro+ was initially launched in June 2023 and has since set a new standard in the aftercare of medical and aesthetic procedures. With this TGA listing, Tissue Repair can now promote its extensive scientific and clinical data more broadly, enhancing its market reach.
Market Expansion
The TGA approval allows Tissue Repair to make general claims about skin healing, repair, and regeneration. This will enable the company to market TR Pro+ for a wider range of indications, including acute wounds and various dermal conditions. Despite its current regulatory status as a cosmetic product, TR Pro+ has seen impressive sales growth. In June 2023, sales reached a new high, with Q3 revenue showing a 130% increase over the prior quarter and expansion to over 160 clinics.
Future Plans
Tissue Repair's short-term focus is on growing distribution channels for TR Pro+. The company will soon provide a more detailed update from its co-founder and Executive Director, Tony Charara, regarding this significant development and the company's broader strategies. These strategies include the immediate commercialization of its proprietary technology and the imminent commencement of Phase 3 clinical trials for its advanced wound drug candidate, TR987®.
The TGA approval is a significant milestone for Tissue Repair, likely to positively impact the company's stock. The ability to market TR Pro+ for a broader range of skin conditions could lead to increased sales and market share. Investors may view this approval as a strong indicator of the company's growth potential and its ability to bring innovative products to market.
Investor Reaction:
Analysts and investors have reacted positively to the news. The approval is seen as a validation of Tissue Repair's scientific and clinical efforts, and it is expected to drive further interest in the company's stock. The upcoming Phase 3 trials for TR987® are also anticipated to be a key focus for investors.
Conclusion:
Investors should keep an eye on Tissue Repair's upcoming updates and the progress of its Phase 3 clinical trials. The TGA approval for TR Pro+ marks a significant step forward for the company, and its strategic focus on expanding distribution and market reach could yield substantial returns.