Ann: Investor Presentation, page-44

Beat me to it Ducks Head in answering @Valueformoney (and chuffed to see such well informed fellow investors). Vericel a $1 billion mkt cap company in the US (it has been as high as $3 billion in the US Fed led silliness of 2021). Lets just say some lots of synergies with Orthocell, not least of which personnel and intellectual property. There are a lot of commonalities and I believe some of Vericel and Orthocell's staff maintain very 'friendly professional relationships' and some might, on investigation, look at shared IP on chondrocytes for clues to the future (I get knocked enough for my J&J observations, so have only alluded to it in past posts):

https://research-repository.uwa.edu.au/en/persons/minghao-zheng

Vericel a bit further ahead on pathways, but as an indication should post total net revenue for 2022 of "$164 to $166 million, MACI revenue expected to be approximately $130 to $132 million".

YOu'd literally have to sit the OCC exec's down and grill them under spotlight to get a straight answer (and you still wouldn't under disclosure laws) but one could be forgiven for at least not discounting entirely a future partnership in MACI/ACI. MACI is an FDA approved porcine collagen membrane that Vericel combines with patients autologous cultured chondrocytes, in repairs to full-thickness cartilage defects of the knee in adult patients. There is a hell of a lot of overlap between the two on collagen membranes and chondrocyte injections.

After initially pushing EPICEL (a cultured epidermal autograft; a skin graft grown from a patient’s own skin) MACI has quickly become the revenue driver. These two could end up becoming competitors (the field is huge, so not a big deal) but if OCC executives were to expand where disclosure laws allowed (if Australia had half decent Insto' analysis of the biotech sphere an analyst might push them on an earnings briefing) I think you will find OCC and VCEL executives have very cordial business relationships, that one could be forgiven for suspecting might yield future collaboration rather than direct competition.

(For full disclosure, as I am an honest guy, I own Vericel too)