Earlier this month, the company secured the rights to the stem cell therapy technology through its licensing agreement with Australian-owned MediVet.
The first procedures were undertaken by veterinary surgeon Dr Stewart Halperin, who said the "cutting edge" treatment is an "incredible contribution to animal welfare and a huge leap in medical possibility".
Mark Donnison, Medical Australia managing director, commented on the positive milestone:
"The successful completion of the first two animal stem cell treatment procedures in the U.K. is a significant achievement for MLA, as we look to move into the lucrative veterinary market."
Donnison previously told Proactive Investors Medical Australia had seen how successful MediVet had been with the technology, particularly in the U.S., where MediVet has over 300 veterinary practices on board.
"We approached them for the distributorship for Great Britain and Ireland because Medical Australia has representation in the UK," he said.
"The rest of Europe is still untouched so England will be a logical gateway to Europe."
Under the TUTAVet brand, the company is now actively marketing the technology to the U.K. veterinary market.
Medical Australia has also established a fully functioning clinic in Hampshire, England, where it can cryogenically freeze stem cells for domestic pets, small animals and the equine market.
Importantly, the facility is believed to be the first of its kind in Europe, providing Medical Australia with a first mover advantage in the region.
Following the completion of the first two procedures, TUTAVet exhibited at the World Small Animal Veterinary Conference in Birmingham, England.
Importantly, this generated substantial interest from veterinary surgeons keen to trial the technology in their own practices.
"The positive response the company received from the World Small Animal Veterinary Conference is indicative of the demand for stem cell technology, particularly in the U.K. and Ireland where there are over 5,000 veterinary clinics," Donnison said.
"We believe this technology has significant commercial upside, and through our TUTAVet offering, we intend developing a significant new revenue stream for MLA."
Potential revenue streams
Donnison said the model Medical Australia has set up in the UK will provide the company with three revenue streams:
- Firstly, the vet can buy all the hardware to do the procedures in-house and will need to buy a procedure pack from Medical Australia every time an operation is undertaken;
- Secondly, the vet can send the stem cell sample to Medical Australia's laboratory for processing; and
- Thirdly, Medical Australia can cryogenically freeze the stem cells for later use, which will cost pet owners a recurring annual fee for the banking and a final fee when the sample is thawed.
By acquiring the TUTAVet technology and kit, veterinary surgeons will be able to offer surgery, harvesting, and administering of stem cells in-house in a three to four hour period.
Stem cells harvested from the animal's own fat tissue are administered to accelerate the healing of muscles and joints damaged by injury, disease or degeneration.
TUTAVet will also be able to cryogenically freeze stem cells and store them for customers at its facility in Hampshire.
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