Exclusive Partnership with Leading Distributor in Hong Kong
Released
Released
Announcement PDF
ASX Announcement
3 December 2024
ReNerve Signs Exclusive Partnership with Leading Distributor in Hong Kong to
Accelerate International Expansion
Highlights:
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ReNerve Limited has partnered with Accession Medical Supplies Co in an exclusive distribution
agreement for sales and marketing in Hong Kong and Macau
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The agreement with Accession marks ReNerve’s further expansion into the Asian market for the
Company’s primary product, the NervAlign® Nerve Cuff
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The NervAlign® Nerve Cuff is an FDA cleared product for use on damaged or transected nerves with
no gaps or gap closure achieved by flexion
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ReNerve has submitted its application for regulatory approval in Hong Kong
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ReNerve will leverage Accession’s existing relationships with local hospitals and surgeons to drive
sales, which in turn will assist in gaining regulatory approval and act as a gateway to the broader
Greater Bay Area
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The Global Nerve Repair Biomaterials Market was valued at USD$1.96 billion in 2024 and is projected
to grow at a CAGR of 17.8% from 2024 to 2031 to USD$6.19 billion1.
ReNerve Limited (ASX:RNV, “ReNerve” or “the Company”) is pleased to announce that it has signed an exclusive
distribution partnership (“the Agreement”) with a leading supplier of medical devices in Hong Kong, Accession
Medical Supplies Co. (“Accession”), for the sales and marketing of its NervAlign® Nerve Cuff.
As part of the Agreement, Accession will purchase the ReNerve product range as a wholesaler, with ReNerve
supporting Accession in its sales and marketing activities. The two companies will work together to gain regulatory
approval in Hong Kong by leveraging Accession’s existing relationships with local hospitals and day surgeries to
drive sales and increase product demand as adoption increases. ReNerve also announces that it has filed for
regulatory approval in Hong Kong and anticipates approval to be granted in mid-2025.
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
1 Source: Global Nerve Repair Biomaterials Market Research Report, 2020-2031
+61 (03) 9482 3940
157 Heidelberg Rd,
Northcote, VIC 3070
www.renerve.com.au
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.”
Market Opportunity
Hong Kong and Macau are a concentrated market, which enables Accession to efficiently target the hospitals in
these areas. Accession has existing relationships with hospitals in the region, and the two parties will use these
existing relationships to generate initial and ongoing sales in the area. An additional benefit of entering the Hong
Kong market is it is a gateway to entry into the Guangdong-Hong Kong-Macau Greater Bay Area, which has a
population of over 86 million.
About Accession Medical Supplies
Accession Medical is a leading supplier of medical devices in Hong Kong, China and Taiwan. The Company
specialises in sourcing and distributing innovative medical devices and pharmaceutical products by partnering with
world class companies that share Accession’s vision for innovation and improving patient outcomes.
ReNerve has partnered with Accession as it has the appropriate warehousing, distribution, sales and marketing
capacities in the region, as well as existing relationships with leading local surgeons.
This announcement has been approved for release by the Company’s Board of Directors.
- ENDS -
For further information and enquiries, please contact:
Dr Julian Chick
CEO & Managing Director
ReNerve Ltd
+61 (03) 9482 3940
Dayna Louca
Investor & Media Relations
Jane Morgan Management
+61 (0) 409 581 972
info@renerve.com.au
dayna@janemorganmanagement.com.au
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™.
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