ORTHOCELL LIMITED — Capital/Financing Update 2018

May 21, 2018

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Orthocell reports first product use and sales of CelGro® in Europe

• Orthocell has achieved first product usage and sales of CelGro® in the EU for dental bone and soft tissue repair

• This significant milestone follows the recently released clinical study results demonstrating CelGro® guides superior quality bone formation when used to treat bone defects

• Significant progress made in CelGro® commercialisation plans and continuing discussions with potential product distribution partners in key EU markets

Perth, Australia; 22 May 2018: Regenerative medicine company Orthocell Limited (ASX:OCC, “Orthocell” or the “Company”) is pleased to announce the first product usage and sales of CelGro® in the EU for dental bone and soft tissue repair.

Orthocell Managing Director Paul Anderson said: "The commercialisation of CelGro® for bone and soft tissue repair in the EU is a key focus. Achieving first product use and sales within the UK market, represents an important milestone for Orthocell. The Company is well positioned to drive greater product adoption of CelGro® in the important and growing EU market.”

First product usage and sales reported in the United Kingdom (UK), follows the recent announcement of successful clinical results demonstrating CelGro® guides superior quality bone formation when used to treat bone defects (announced on 1 May 2018) and the recent appointment of Orthocell’s European manager, Kevin Edwards.

Top line data indicated the quality of newly formed bone was up to 26% higher than QT scores in published literature studying BioGide®, the leading comparable collagen membrane currently marketed.

The addition of a European manager to the Orthocell team was instrumental in achieving this first usage and sales, prior to signing a distribution agreement, in the UK. Mr Edwards has a distinguished working history holding executive positions in some of the largest Orthopaedic companies and has significant international experience in driving market entry of medical devices. The key focus of the Orthocell European manager is to expand distribution networks of CelGro® in the EU and grow product adoption and sales through education and promotional initiatives.

Orthocell has a clear commercialisation strategy in place to drive product adoption and sales of CelGro® in the EU. Following the recent appointments to the Medical Scientific Advisory Board and engagement of first distributors in Italy and Poland, Orthocell is currently finalising further commercial partner agreements for product distribution in the UK.

Ph: +61 8 9360 2888 Fax: +61 8 9360 2899 www.orthocell.com.au

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For more information, please contact:

General enquiries

Investor enquiries

Media enquiries

Paul Anderson Joel Seah Haley Chartres Orthocell Limited Vesparum Capital Hales[2 ] Communications Managing Director P: +61 8 9360 2888 P: +61 3 8582 4800 P: +61 423 139 163 E: paulanderson@orthocell.com.au E: orthocell@vesparum.com E: haley@h-squared.com.au

About Orthocell Limited

Orthocell is a regenerative medicine company focused on regenerating mobility for patients by developing products for the repair of a variety of soft tissue injuries. Orthocell’s portfolio of products include TGA-licensed cell therapies Autologous Tenocyte Implantation (Ortho-ATI®) and Autologous Chondrocyte Implantation (Ortho-ACI®), which aim to regenerate damaged tendon and cartilage tissue. The Company’s other major product is CelGro®, a collagen medical device which facilitates tissue repair and healing in a variety of orthopaedic, reconstructive and surgical applications. Orthocell recently received European regulatory approval (CE Mark) for CelGro®. The collagen medical device can now be marketed and sold within the European Union for a range of dental bone and soft tissue regeneration procedures and is being readied for first approval in the US.

For more information on Orthocell, please visit www.orthocell.com.au or follow us on Twitter @Orthocellltd and Linkedin www.linkedin.com/company/orthocell-ltd

Ph: +61 8 9360 2888 Fax: +61 8 9360 2899 www.orthocell.com.au