Why Are PolyNovo (ASX:PNV) Shares On The Move?
Who Is Polynovo Ltd?
PolyNovo is an Australian medical device company that designs, develops, and manufactures dermal regeneration solutions using its patented NovoSorb biodegradable polymer technology.
Its current product is NovoSorb BTM (Biodegradable Temporising Matrix), a wound dressing intended for the treatment of full-thickness wounds and burns where the dermal structure requires a split-thickness skin graft for final closure.
Think of it like a ‘sheet’ that goes over affected areas and lets the skin tissue heal ‘through it’, lessening the risks of rejection and infection.
Yesterday, PolyNovo announced it had received and shipped its first product orders from PolyMedics Innovations (PMI) for the German, Austrian and Swiss markets.
The first orders for NovoSorb BTM were shipped to hospitals in preparation for the first surgery, which occurred on Sunday in Germany. This marks the first surgery in Europe using BTM and there are a number of surgeons planning on using BTM this week and the coming fortnight.
Commenting on the update, PolyNovo’s CEO, Paul Brennan, said, “The enthusiasm and engagement of surgeons for NovoSorb BTM is very exciting and likely to bring further product sales in the near term.”
“We are off and running in Europe,” added Chairman David Williams. “When we announced our EU approval in mid-December we said we expected near term sales. We have achieved that now and better still we have the first patients being treated.”
According to Yahoo!Finance, PolyNovo is a company valued by investors at over $1 billion. However, its sales were last reported at just $2 million per month.
I think you’ll admit, that’s quite a high valuation.
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