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(Sharecast News) - Belluscura, a medical device developer specialising in portable oxygen enrichment technology, announced approval from the Singapore Health Sciences Authority to distribute its 'X-PLOR' portable oxygen concentrator (POC) in Singapore.
The AIM-traded firm said the milestone followed the signing of an exclusive licence agreement with InnoMax Medical Device Technologies in August, encompassing Singapore as one of the territories.
Under the agreement, InnoMax would pay minimum royalties and a share of profits for the X-PLOR device and associated accessories.
Chronic obstructive pulmonary disease (COPD) affects about 5.9% of adults over 40 years old in Singapore, though Belluscura said the figure was believed to be an underestimate due to undiagnosed cases.
It added that Singapore's location would provide a gateway to other ASEAN countries granting expedited review to medical devices approved in Singapore, such as Thailand and the Philippines.
Looking at the broader region, Thailand has more than one million COPD sufferers, while the medical oxygen systems market in the Philippines was projected to experience a compound annual growth rate of 7.1%, reaching $86m.
That growth was attributed to the rising prevalence of respiratory diseases stemming from air pollution and smoking, resulting in increased demand for oxygen therapy systems among COPD patients.
Belluscura said it was committed to expanding its regional presence and marketing its POCs, including the DISCOV-R.
"We are very excited to receive this approval, enabling us to launch sales in Singapore, as a first market in the ASEAN region," said chief executive officer Bob Rauker.
"With our arrangement with InnoMax in place, we are confident that we can now deliver on the significant potential for our products in this large and growing region."
At 1521 GMT, shares in Belluscura were up 13.9% at 23.35p.
Reporting by Josh White for Sharecast.com.
