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Medical Australia Company Secretary Shows Confidence With On Market Share Buys

Medical Australia (ASX: MLA) company secretary Ian Mitchell has invested over $20,000 in on-market share purchases, taking his shareholding to around 5.2 million shares.

Mitchell acquired around 1.8 million shares for a total consideration of $21,530, or an average entry price of about $0.012 per share.

Medical Australia is in an interesting position, having secured a first mover advantage in Europe with the introduction of a breakthrough regenerative animal stem cell therapy into the UK and Ireland.

The company has invested $500,000 to establish a fully functioning clinic in Hampshire, England, where it can cryogenically freeze stem cells for domestic pets, small animals and the equine market.

Medical Australia secured the rights to the stem cell therapy technology through its licensing agreement with Australian-owned MediVet.

Under the TUTAVet brand, the company is now actively marketing the technology to the UK veterinary market.

Pet owners, zoos, and the equine market spend considerable sums of money treating animals with degenerative diseases such as osteoarthritis, hip dysplasia, and ligament and cartilage injuries.

In late April Medical Australia announced it had completed the first two TUTAVet animal stem cell therapy procedures in the UK.

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".

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