Tetratherix (ASX:TTX) has jumped +3% through lunchtime trades after the company secured a $3.3 million government grant to expand its injectable wound care solution to a global market.
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The government is only a co-funder to that end; the $3.3M payment makes up part of a total project value of $7.4M titled ‘synthetic polymer production facility to take tetramatrix global,’ in case you were in want of a snappy title.
The other ~$4M is to be paid upfront by TTX itself; something the company reported on Thursday being part of its original IPO plans.
Tetramatrix refers to the injectable polymer product Tetratherix designed to treat wounds in hospitals; ultimately, that product represents its fundamental value prop. It’s not exactly spray-on skin, but something similar enough, easy to understand and perhaps underpinning TTX’s +45% 1Y returns.
(That’s saying something, given the stock only listed in late June at ~$3/sh.)
When it came to the disclosure itself on Thursday, one could argue that TTX was using fairly government-y language.
“This grant marks more than just financial support — it is recognition that Tetratherix now sits at the helm of a growing national ecosystem,” the company wrote in a statement that sounds a little bit like it was written by a speechwriter.
“Tetratherix is helping to reposition Australia as an active builder of commercial medical technologies… the company is designing and executing the full translational arc in Australia,” the company added, whatever that means.
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